The Central Bank of Nigeria (CBN) has made a redecision on the deadline set for the usage of the old naira notes as legal tender in the country.
CBN said, the Old N200, N500, and N1000 would continue to remain legal tender forever, even beyond the initial December 31, 2023, deadline.
The Director, Corporate Communications, CBN, Dr. Isa AbdulMumin who disclosed the development in a statement on Tuesday said, the decision was in line with international best practices and to forestall a repeat of earlier experiences.
He noted that all banknotes issued by the Central Bank of Nigeria (CBN), 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.
Dr. AbdulMumin said, the Central Bank of Nigeria was working with the relevant authorities to vacate the subsisting court ruling on the same subject.
He said, “accordingly, all CBN branches across the country would continue to issue and accept all denominations of Nigerian banknotes, old and redesigned, to and from deposit money banks (DMBs).
“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”, he said.
