CBN Extends Use Of Old Naira Notes Indefinitely

Central Bank of Nigeria (CBN) has extended the use of redesigned higher denomination of the naira beyond the December 31 2023 date earlier set for the banknotes to cease to be legal tenders.

The apex bank introduced the redesign of N200, N500 and N1,000 denominations in October 2022 and certain deadlines were set for the old design of the 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 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,” CBN’s director, corporate communications department, Isa AbdulMumin said in a statement on Tuesday.

AbdulMumin said the central bank of Nigeria is working with the relevant authorities to vacate the subsisting court ruling on the same subject.

Accordingly, he said 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,” AbdulMumin said in a statement.