There is no longer a timeline within which old notes will be in existence for, the Central Bank of Nigeria (CBN) has said. Director, Corporate Communications of the apex bank, Dr. Isa AbdulMumin, who disclosed this in Abuja yesternight, said without prejudice, the CBN informed of its desire to extend the legal tender status deadline of the old design of N200, N500 and N1,000 denominations, ad infinitum.
Recall that the CBN introduced the redesign of N200, N500 and N1, 000 denominations in October 2022 and certain deadlines were set for the old design of the denominations to cease as legal tenders.
The CBN noted this latest step is in line with international best practices and to forestall a repeat of earlier experiences.
“Thus, 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.
“Accordingly, all CBN branches across the country will continue to issue and accept all denominations of Nigerian bank notes, old and redesigned, to and from deposit money banks (DMBs),” the bank stated.
CBN urged the general public to continue to accept all Naira banknotes (old or redesigned) for day-to-day transactions and handle these banknotes with utmost care, to safeguard and protect the lifecycle of the banknotes. It also admonished the general public to embrace alternative modes of payment such as e-channels for day-to-day transactions.