CBN extends use of old N200, N500, N1000 notes indefinitely

The Central Bank of Nigeria, CBN, has said that the old naira banknotes will remain a legal tender.

DAILY POST reports that the CBN had introduced the redesign of N200, N500 and N1,000 denominations in October 2022 and certain deadlines were set for the old notes of these denominations to cease as legal tenders.

But on Tuesday, the CBN informed the 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,” a statement signed by Isa AbdulMumin, Director, Corporate Communications, said.

“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 (DMBS).

“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, e-channels, for
day-to-day transactions,” it said.