Old Naira Notes to Remain Legal Tender in Nigeria Indefinitely – CBN

CBN Reiterates Determination To Phase-out Old Naira Notes

The Central Bank of Nigeria (CBN) has extended the deadline for the legal tender status of old N200, N500, and N1000 notes from the initial date of December 31, 2023, to an indefinite period, according to a statement by the CBN’s Director of Corporate Communications, Dr. Isa AbdulMumin, on Tuesday.

The statement clarified that the CBN is working to vacate existing court rulings related to the old notes and emphasized that the extension aligns with international best practices to prevent complications.

As per the statement:

“The Central Bank of Nigeria wishes to inform the general public of its desire to extend the legal tender status deadline of the old design of N200, N500, and N1,000 denominations, ad infinitum. This is in line with international best practices and to forestall a repeat of earlier experiences.”

“All banknotes issued by the Central Bank of Nigeria (CBN), in accordance with Section 20(5) of the CBN Act 2007, will continue to remain legal tender, ad infinitum, even beyond the initial December 31, 2023, deadline. The Central Bank of Nigeria is working with the relevant authorities to vacate the subsisting court ruling on the same subject.”

The CBN assured that its branches nationwide will continue to issue and accept all denominations of Nigerian banknotes, both old and redesigned. The public is encouraged to use all Naira banknotes for daily transactions and embrace alternative payment methods.

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