The Central Bank of Nigeria (CBN) has declared that the previous naira banknotes will continue to be accepted as legal tender indefinitely.
The CBN had earlier unveiled redesigned N200, N500, and N1,000 denominations in October 2022, establishing specific deadlines for the discontinuation of the old notes within these denominations.
However, on Tuesday, the Central Bank of Nigeria disclosed its decision to extend the legal tender status deadline for the older design of N200, N500, and N1,000 denominations indefinitely, providing relief to the public.
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“This is in line with international best practices and to forestall a repeat of earlier experiences,” a statement signed by Isa AbdulMumin, Director, Corporate Communications, said.
“Thus, 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.
“Accordingly, all Central Bank of Nigeria 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,” it said.