Old Naira notes remain legal tender 'Ad Infinitum', says CBN - NEWS FRONTIER DAILY


Tuesday, November 14, 2023

Old Naira notes remain legal tender 'Ad Infinitum', says CBN

The Central Bank of Nigeria (CBN) has said that the old Naira notes of N1,000, N500  and N200 remain legal tender ad infinitum. 

A statement issued by the Director of Corporate Communications of the bank, Dr. Isa Abdulmumin,  in Abuja, explained that they remain legal tender even beyond December 31, 2023.

It said,  therefore, that the December 31, 2023 deadline which the apex earlier set for the old notes to cease to be legal tender was no longer relevant.

According to the CBN, all its branches across the country will continue to issue and receive both old notes and redesigned notes from Deposit  Money Banks (DMBs).

The statement reads in full, "Please recall that the Central Bank of Nigeria 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. 

"This is in line with international best practices and to forestall a repeat of earlier experiences.

"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 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 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."

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