The Central Bank of Nigeria, CBN, has announced that old Naira banknotes will henceforth remain legal “ad infinitum.”
The CBN made the announcement on Tuesday in Abuja, in a statement issued by its Director, Corporate Communications Department, Isa AbdulMumin.
The spokesman said without prejudice, the CBN wished to inform the general public of its desire to extend the legal status deadline of the old design of N200, N500 and N1,000 denominations ad infinitum.
According to him, the action was “in line with international best practices and to forestall a repeat of earlier experiences.”
He added: “Thus, all banknotes issued by the CBN, in accordance with Section 20 (5) of the CBN Act, will continue to remain legal tender, even beyond the December 31 deadline.”
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He disclosed that the apex bank was working with relevant authorities to vacate some subsisting judicial pronouncements on the subject.
He assured that all CBN branches across the country would continue to issue and accept all old and redesigned denominations of Nigerian banknotes to and from Deposit Money Banks.
This is as he urged members of the public to accept all banknotes (old or redesigned) for day-to-day transactions.
While calling on Nigerians to handle the banknotes with utmost care to protect and safeguard their life cycle, he encouraged all “to embrace alternative modes of payment, e-channels, for their day-to-day transactions.”
It would be recalled that the CBN introduced redesigned N200, N500 and N1,000 denominations in October 2022.
It also set certain deadlines for legal tender status of the old design of the denominations to cease to exist.
But in March, the Supreme Court extended the validity of the old N200, N500, and N1,000 till December 31.
President Bola Tinubu, during his inauguration on May 29, promised to revisit the Naira redesign policy.
