The Central Bank of Nigeria (CBN) has decided to extend the legal tender status of old N200, N500, and N1000 notes indefinitely, eliminating the previous deadline set for December 31, 2023. Dr Isa AbdulMumin, the Director of Corporate Communications, conveyed this information in a statement on Tuesday. The CBN also revealed its efforts to overturn existing court rulings related to the old notes.
The statement clarified that the redesign of the N200, N500, and N1000 denominations, introduced in October 2022, initially had deadlines for the old design to cease as legal tender. However, in a bid to align with international best practices and prevent past issues, the CBN now intends to extend the legal tender status deadline ad infinitum.
According to the statement, all banknotes issued by the CBN will remain legal tender beyond the initial December 31, 2023, deadline. The CBN is actively collaborating with relevant authorities to overturn the existing court ruling on the matter. Additionally, all CBN branches nationwide will continue to issue and accept both old and redesigned denominations from deposit money banks (DMBs).
The general public is urged to accept all Naira banknotes, whether old or redesigned, for everyday transactions. People are encouraged to handle these banknotes with care to preserve their lifecycle. Furthermore, embracing alternative modes of payment, such as e-channels, is promoted for day-to-day transactions.