JUST IN: Old Notes To Remain Legal Tender Indefinitely – CBN

The Central Bank of Nigeria has announced the indefinite extension of the validity of the old N200, N500, and N1,000 notes. In a statement titled “CBN To Allow Old Design Naira Banknotes As Legal Tender, Ad Infinitum,” the apex bank’s Director of Corporate Communications, Isa AbdulMumin, emphasized that this decision aligns with international best practices and aims to prevent a recurrence of challenges experienced during previous policy implementations.

Originally introduced in October 2022, the redesigned N200, N500, and N1,000 denominations had set deadlines for the discontinuation of the old design as legal tenders. The statement clarified, “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.”

In adherence to Section 20(5) of the CBN Act 2007, all banknotes issued by the Central Bank of Nigeria will persist as legal tender indefinitely, surpassing the initial deadline of December 31, 2023. The Central Bank is actively collaborating with relevant authorities to address a prevailing court ruling on the same matter.

As a result, all CBN branches nationwide will continue to both issue and accept all denominations of Nigerian banknotes, whether old or redesigned, to and from deposit money banks. The public is urged to accept Naira banknotes for day-to-day transactions, exercising care to preserve the banknotes’ lifecycle. Additionally, embracing alternative payment methods and electronic channels for daily transactions is encouraged.


Ademola Adeyemi

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