The Central Bank of Nigeria, CBN, announced that the old naira banknotes will continue to be accepted as legal tender indefinitely. Initially, the CBN had set deadlines for discontinuing the use of the old N200, N500, and N1,000 denominations following the introduction of redesigned notes in October 2022.
However, on Tuesday, the CBN decided to extend the legal tender status of the old design of these denominations indefinitely.
“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.
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