In a recent announcement, the Central Bank of Nigeria (CBN) has decided to extend the legal tender status of the old design N200, N500, and N1,000 banknotes indefinitely.
The CBN introduced a redesign of these denominations in October 2022, setting specific deadlines for the old design notes to cease as legal tender.
In a statement signed by Isa AbdulMumin, Director, Corporate Communications recently, it stated that this decision comes in line with international best practices and aims to prevent a repeat of previous experiences.
The CBN, in compliance with Section 20(5) of the CBN Act 2007, has declared that all banknotes issued by the CBN will continue to remain legal tender, even beyond the initial deadline of December 31, 2023.
To facilitate this extension, the CBN is working with relevant authorities to vacate a subsisting court ruling on the same subject. As a result, all CBN branches across the country will continue to issue and accept all denominations of Nigerian banknotes, both old and redesigned, from deposit money banks (DMBs).
The general public is encouraged to accept and utilise all Naira banknotes, whether old or redesigned, for their day-to-day transactions. It is essential to handle these banknotes with utmost care to safeguard and protect their life-cycle. Additionally, individuals are encouraged to embrace alternative modes of payment and e-channels for their day-to-day transactions.
This announcement has been made by Isa AbdulMumin PhD, Director of Corporate Communications at the CBN. The CBN aims to ensure a smooth transition and ensure that the public is well-informed about the extended legal tender status of the old design Naira banknotes.
The CBN’s decision to allow the continued circulation of the old design Naira banknotes, provides convenience and flexibility for the public, while also emphasising the importance of embracing digital payment solutions.
