The Central Bank of Nigeria (CBN) has declared that the old N200, N500 and N1000 will continue to remain a legal tender for transactions and exchange in the country.
Recall that at the end of October 2022, the Central Bank of Nigeria introduced the redesign of N200, N500 and N1000 notes and announced that the old notes will no longer be in use from December 31st, 2023.
The CBN announced this via a statement through the Director of Corporate Communications, Isa AbdulMumin on Tuesday.
The CBN declared that all commercial banks in Nigeria should continue to issue and accept all Naira denominations, both old and new. They also urged the public to accept all Naira denominations for all day-to-day transactions.
The CBN added that they will ensure that they work with the relevant authorities to vacate the subsisting court ruling over the Naira redesign policy.
The statement read:
"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.
This is in line with international best practices and to forestall a repeat of earlier experiences. Thus, all banknotes issued by the Central Bank of Nigeria, 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.
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 will continue to issue and accept all denominations of Nigerian banknotes, old and redesigned, to and from deposit money banks.
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."
Recall that at the end of October 2022, the Central Bank of Nigeria introduced the redesign of N200, N500 and N1000 notes and announced that the old notes will no longer be in use from December 31st, 2023.
The CBN announced this via a statement through the Director of Corporate Communications, Isa AbdulMumin on Tuesday.
The CBN declared that all commercial banks in Nigeria should continue to issue and accept all Naira denominations, both old and new. They also urged the public to accept all Naira denominations for all day-to-day transactions.
The CBN added that they will ensure that they work with the relevant authorities to vacate the subsisting court ruling over the Naira redesign policy.
The statement read:
"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.
This is in line with international best practices and to forestall a repeat of earlier experiences. Thus, all banknotes issued by the Central Bank of Nigeria, 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.
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 will continue to issue and accept all denominations of Nigerian banknotes, old and redesigned, to and from deposit money banks.
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."