The Central Bank of Nigeria (CBN) says the old N200, N500, and N1,000 notes are to remain legal tender indefinitely.
The new currency notes were introduced last year, with the old ones set to cease as legal tenders this December, but the apex bank said on Tuesday, November 14, that “the legal tender status deadline of the old design of N200, N500, and N1,000 denominations is ad infinitum.”
It explained that the move 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), by 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.”
In a statement, the bank’s Director, of Corporate Communications, Isa AbdulMumin, said the CBN branches will continue to issue and accept all denominations of bank notes, 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,” it added.
“Also, the general public is encouraged to embrace alternative modes of payment, such as e-channels, for day-to-day transactions.”