CBN Extends Legal Tender Status of Old Naira Banknotes, Indefinitely
By Patience Ikpeme
The Central Bank of Nigeria (CBN) has decided to o extend the legal tender status of the old design of N200, N500, and N1,000 denominations indefinitely.
This move the CBN said is aligned with international best practices and aims to prevent a recurrence of previous challenges.
A statement from the CBN signed by Dr Isa AbdulMumin Director Corporate Communications noted that according to Section 20(5) of the CBN Act 2007, “all banknotes issued by the CBN will remain legal tender beyond the initial deadline of December 31, 2023. The CBN is currently working with relevant authorities to overturn an existing court ruling on the matter”.
As a result, all CBN branches nationwide have been ordered to continue to accept and issue both old and redesigned denominations of Naira banknotes to and from deposit money banks (DMBs).
The general public was called upon to accept all Naira banknotes, regardless of their design, for daily transactions and handle them with utmost care to ensure their longevity.
Additionally, individuals are encouraged to embrace alternative payment methods such as e-channels for their day-to-day transactions.
Recall that the CBN introduced the redesigned versions of N200, N500, and N1,000 denominations in October 2022, with specific deadlines set for the discontinuation of the old design as legal tenders.
