CBN Extends Use Of Old Naira Notes Indefinitely

…Enjoins Nigerians To Continue To Accept Old or Redesigned Naira Banknotes For Day-to-Day Transactions

ABUJA – Validity period of the Nigeria’s old N200, N500 and N1,000 naira notes have been extended indefinitely by the Central Bank of Nigeria (CBN).

According to the apex Bank’s Director, Corporate Communications, Isa AbdulMumin, in a statement titled, “CBN To Allow Old Design Naira Banknotes As Legal Tender, Ad Infinitum” on Tuesday, November 14, 2023, said the decision is in line with the international best practices and to forestall a repeat of earlier experiences me suffered by Nigerians while implementing the policy.

It would be recalled that the CBN introduced the redesigned 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.

The statement reads in part, “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, 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.

“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.”