The Central Bank of Nigeria, CBN, has announced that the old naira notes will continue to remain legal tender indefinitely.
This according to the apex bank is in line with international best practices and to forestall a repeat of earlier experiences.
The CBN in a statement signed by the Director Corporate Communications, Dr. Isa AbdulMumin said the decision is in accordance with Section 20(5) of the CBN Act 2007.
It would be recalled that the Central introduced the redesign of N200, N500 and N1,000 denominations in October 2022 and certain deadlines were set for the
old design of these denominations to cease as legal tenders.
The statement reads: “Without prejudice, the CBN 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.
“The Central Bank of Nigeria is working with the relevant authorities to vacate the subsisting court ruling on the same subject,” it added.
Accordingly the statement 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.
