CBN: Old naira notes remain legal tender indefinitely

The Central Bank of Nigeria (CBN) says the old naira notes will remain legal tender indefinitely.

It would be recalled that the CBN redesigned N200, N500, and N1,000 denominations in October 2022.

The apex bank also set certain deadline for legal tender status of the old design of the denominations to cease to exist.

The Supreme Court, in March, extended the validity of the old naira notes till December 31.

However, the CBN, in a statement issued by its Director, Corporate Communications Department, Isa AbdulMumin, on Tuesday, November 14, said the old N200, N500, and N1,000 notes will remain legal “ad infinitum”.

AbdulMumin stated: “Without prejudice, 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.

“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.”

The Star