CBN extends legal tender status deadline of old banknotes ad-infinitum
By Emma Ogbuehi
The Central Bank of Nigeria (CBN), on Tuesday, announced that it will allow the old N200, N500 and N1,000 banknotes remain legal tender ad infinitum.
This means that contrary to the December 31, 2023 deadline given to phase out the old banknotes, they will continue to be accepted as legal tender in Nigeria indefinitely.
The apex bank recalled that it introduced “the redesign of the 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.”
However, the CBN in the statement released on Tuesday said without prejudice, it wishes to inform the general public of its desire to extend the legal tender status deadline of the old denominations ad-infinitum.
The statement said that the decision to extend the deadline was made “in line with international best practices and to forestall a repeat of earlier experiences.”
The CBN, in a statement by its Director Corporate Communications, Dr. Isa AbdulMumin, explained that all notes issued by the bank will continue to be legal tender beyond the initial December 31, 2023 deadline.
The bank, AbdulMumin, said: “is also working with the relevant authorities to vacate the existing court ruling on the matter.”
READ ALSO: Voluntary agencies critical to development, Peter Obi tells Nsukka High School alumni
All CBN branches across the country have been directed to continue issuing and accepting “all denominations” of Naira banknotes, both old and redesigned, the statement further said.
“The CBN is also encouraging the public to embrace alternative modes of payment, such as e-channels, for daily transactions.
“The decision to extend the legal tender status of the old design of N200, N500, and N1,000 banknotes is a welcome one.
“It will help to alleviate the cash squeeze that has been affecting many Nigerians in recent months. It will also give people more time to exchange their old banknotes for new ones.”
Below is the statement:
