Old Naira Notes to Remain Legal Tender Indefinitely_ CBN

Central Bank of Nigeria has enjoined the general public to accept the old and redesigned naira notes for transaction as the old notes will remain legal tender indefinitely.

Initially, CBN introduced the redesigned N200, N500 and NI,000 denominations in October 2022 and set December 31, 2023 as deadline for the old notes to cease as legal tenders.

A statement signed by the Banks’ Director on Corporate Communications Isa AbdulMumin, yesterday , explained that the decision “ is in line with international best practices and to forestall a repeat of earlier experiences.”

Parts of the statement titled “ CBN To Allow Old Design Naira Banknotes As Legal Tender, Ad Infinitum” reads
“Please recall that the Central Bank of Nigeria introduced the redesign of N200, N500 and NI,000 denominations in October 2022 and certain deadlines were set for the old design of these denominations to cease as legal tenders.

“Without prejudice, the Central Bank of Nigeria wishes to inform the general public of its desire to extend the legal tender status deadine of the old design of N200, N500 and 1,000 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.
“ 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.”