The Central Bank of Nigeria (CBN) has announced that the old N200, N500, and N1,000 notes will remain legal tender indefinitely.
The apex bank on Tuesday extended “the legal tender status deadline of the old design of N200, N500 and N1,000 denominations, ad infinitum”.
According to the bank, the move 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.”
In a statement, the bank’s Director of Corporate Communications Isa AbdulMumin said CBN will continue to issue and accept all denominations of the bank notes, 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,” it added.
Recall that the new currency notes were introduced last year with the old ones set to cease as legal tender under the leadership of former governor Godwin Emefiele.