National Bank of Rwanda has announced a new plan to phase out older banknotes as part of efforts to improve currency management and financial efficiency in Rwanda.
The banknotes affected include 500 RWF, 1,000 RWF, 2,000 RWF, and 5,000 RWF denominations issued between 2004 and 2015. These notes will no longer be accepted for transactions starting March 1, 2027.
The decision follows Presidential Order No. 11/01 of February 27, 2026, which came into effect after its publication in the Official Gazette on March 2, 2026. From that date, a 12-month transition period was granted for exchanging the old notes.
Citizens holding these banknotes are encouraged to exchange them promptly at nearby financial institutions. A simplified exchange period has been set for nine months, from March 2, 2026, to November 1, 2026.
After this period, exchange services will continue but will only be available at the headquarters of the National Bank of Rwanda in Kigali and its branches, up until the final deadline of March 1, 2027.
The initiative aims to fully remove worn-out currency from circulation and promote the use of newer, more secure banknotes, strengthening the country’s financial system.