The National Bank of Rwanda (BNR) has extended by one month the deadline for exchanging old banknotes at financial institutions, giving the public until November 30, 2026, instead of the initial deadline of November 1.
BNR announced that from December 1, 2026, to March 1, 2027, the affected banknotes will only be exchangeable at its headquarters in Kiyovu, Kigali, and all its branches across the country.
The banknotes being withdrawn are the RWF 500 notes issued on July 1, 2004, and January 1, 2013; the RWF 1,000 notes issued on July 1, 2004, and May 1, 2015; the RWF 2,000 notes issued on October 31, 2007; and the RWF 5,000 notes issued on April 1, 2004, and February 1, 2009.
The withdrawal process, which began on March 2, 2026, is scheduled to take 12 months.
The banknotes that will remain in circulation include RWF 500 and RWF 1,000 notes issued on February 1, 2019; RWF 2,000 notes issued on December 1, 2014, and June 28, 2024; and RWF 5,000 notes issued on December 1, 2014, and June 28, 2024.
BNR has urged the public to take advantage of the extended deadline and exchange the affected banknotes within the stipulated period.
Why is BNR withdrawing old banknotes?
BNR is withdrawing some older banknotes to ensure that the currency in circulation meets modern quality and security standards, making it more difficult to counterfeit and incorporating up-to-date security features.
The central bank notes that some banknotes have been in circulation for many years, meaning their security features are no longer sufficient compared with modern technology.
The exercise is also intended to reduce the number of different designs in circulation for the same denomination. For example, Rwanda previously had four different versions of the RWF 5,000 note, issued at different times. BNR aims to reduce the number of designs of the same denomination circulating simultaneously.
