The Central Bank of Nigeria (CBN) has announced that the old naira notes will remain legal tender indefinitely.
Recall that many Nigerians went through hardships when CBN introduced redesigned N200, N500 and N1,000 denominations in October 2022 with certain deadlines set for the old notes to be returned and subsequently cease to be legal tender.
But in a clear policy reversal, CBN said in a statement issued by its Director, Corporate Communications, Isa AbdulMumin, that its branches accross Nigeria will continue to issue and accept all denominations of the bank notes, old and redesigned, to and from deposit money banks (DMBs).
“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.”
“The Central Bank of Nigeria is working with the relevant authorities to vacate the subsisting court ruling on the same subject. 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.”