The Central Bank of Nigeria (CBN) has said that the old Naira notes which includes, N200, N500 and N1,000 denominations introduced in October 2022 will remain as legal tender indefinitely.
Its Director of Corporate Communications, Isa AbdulMumin, in a statement issued Tuesday said all bank notes issued by the CBN in accordance with Section 20(5) of the CBN Act 2007 would continue to remain legal tender, ad infinitum.
He said: “Please recall that the Central Bank of Nigeria (CBN) 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.
“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.”
AbdulMumin stressed that this was in line with international best practices and to forestall a repeat of earlier experiences.
He added: “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 some 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 Naira banknotes (old or redesigned) for doy-to-day transactions and handle these banknotes with utmost care, to safeguard and protect the lifecycle of the banknotes.”
The apex bank also encouraged the general public to embrace alternative modes of payment — e-channels, for day-to-day transaction.