Old Naira Notes Remain Legal Tender Indefinitely, Says CBN 

The apex bank had introduced the redesigned N200, N500 and N1,000 denominations in October 2022 and set different deadlines for the old notes to cease to be legal tender.

But, in a statement on Tuesday, by its Director of Corporate Communication, Dr. Isa AbdulMumin, the CBN said it will continue to issue and accept all, denominations of the bank notes, old and redesigned, to and from deposit money banks (DMBs).

The statement read: 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,” CBN’s director, corporate communications department, Isa AbdulMumin, said in a statement on Tuesday evening.

AbdulMumin said the Central Bank of Nigeria was working with the relevant authorities to vacate the subsisting court ruling on the same subject.

He noted that 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).

He added: “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.”