The National Bank of Rwanda (BNR) has begun withdrawing several older bank note series from circulation following a presidential order issued on February 27. Over the next 12 months, these notes will cease to be legal tender. The affected banknotes include Rwf500 from the 2004 and 2013 series, Rwf1,000 from the 2004 and 2015 series, Rwf2,000 from the 2007 series, and Rwf5,000 from the 2004 and 2009 series. ALSO READ: Old bank notes to be phased out within a year According to Nicole Muhire, Head of Banking Operations and Currency Management at the central bank, the move is guided by both technological and policy considerations. “When a banknote no longer meets quality standards, we withdraw it so that only strong, high-quality notes remain, helping to prevent counterfeiting,” she said. Muhire noted that the central bank regularly upgrades banknotes to make them more durable and secure, including introducing advanced security features that are difficult to replicate. “This is also in line with the policy set by the Board of Directors, which requires that only two series of each denomination remain in circulation.” ALSO READ: How fraudsters distribute fake currency She gave the example of the Rwf5,000 note, where four series had been in circulation, issued in 2004, 2009, 2014, and 2024. “We have determined that not all of them should remain on the market, so we are removing two and keeping two, to reduce the risk of duplication.” According to her, the newer banknotes include enhanced security features, such as colour-changing elements when the note is tilted, a key difference from older series that are now being phased out. ALSO READ: Is counterfeit money increasingly becoming common? The same approach applies across other denominations, with older series being withdrawn and newer ones retained due to improved durability and security elements. Meanwhile, Heritier Ngamije, Head of the Currency Operations Unit, said the move is also intended to ensure that the public uses clean, high-quality banknotes for everyday transactions. Ngamije emphasised that the demonetisation process will be implemented over a 12-month period which started from March 2, in two phases. “From March 2 to November 1, citizens can exchange their banknotes at commercial banks and microfinance institutions,” he said. “From November 2 to March 1, 2027, exchanges will only be carried out at the National Bank of Rwanda headquarters and its branches.” He warned that the affected notes will lose their legal tender status after the deadline. “After March 1, 2027, the notes will no longer be accepted for transactions, and exchange services will not be available. Rwandans are therefore encouraged to exchange them within the given timeframe,” he added.
