The Central Bank of Nigeria (CBN) has announced the extension of old naira notes until further notice.
An official statement reads: “This is in line with international best practices and to forestall a repeat of earlier experiences,” according to the statement signed by Isa AbdulMumin, the bank’s Director of Corporate Communications.
“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 banknotes, old and redesigned, to and from deposit money banks.
“The general public is enjoined 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.
“Also, the general public is encouraged to embrace alternative modes of payment, such as e-channels, for day-to-day transactions.”
CBN had introduced the redesigned N200, N500 and 1,000 denominations in October 2022 and certain deadlines were set for the old versions of the denominations to cease as legal tenders.
However, CBN said that it wishes, without prejudice, to inform the general public of
Its desire to extend the legal tender status of the old design of N200, N500, and N1,000 denominations, ad infinitum.
