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CBN To Allow Old Design Naira Banknotes As Legal Tender

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The Central Bank of Nigeria (CBN) says it has extended the legal tender status deadline of the old design of N200, N500 and N1,000 denominations.

The apex bank said, the decision is in ine with international best practices
and to forestal a repeat of earlier experiences.

A Statement by Isa AbdulMumin PhD,
Director, Corporate Communications of the central bank said, all banknotes issued by the Centra Bank of Nigeria (CBN), in accordance with Section 20(5) of the CBN Act 2007, will continue to remain legal tender, even beyond the initial December 31, 2023, deadline.

The statement said, 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 wil continue to issue and accept
all denominations of Nigerian banknotes, old and redesigned, to and from deposit
money banks (DMBs).

It could be recalled 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 CBN then called on the general public to continue to accept all Naira banknotes (old or redesigned) for day-to-day transactions and hande these banknotes with utmost care, to safeguard and protect the lifecycle of the banknotes.

It then encouraged, the general
public to embrace alternative modes of payment, e-channels, for day-to-day transactions

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