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Thursday, November 30, 2023

Nigeria’s old naira notes will continue to be  legal tender – CBN

Nigeria’s old naira notes will continue to be  legal tender – CBN

The Central Bank of Nigeria (CBN) has said the December 31, 2023 deadline set for old naira notes following the October 2022 redesign of new notes of N200, N500 and N100 is not to be considered any longer.

The bank had earlier introduced the redesign notes in order to phase out the old naira notes.

In a statement titled, “CBN to allow old design naira banknotes as legal tender, ad infinitum,” signed by the bank’s Director, Corporate Communications, Dr Isa AbdulMumin, the bank noted that the old notes’ legal status was ad infinitum.

It stated, “Please recall that the Central Bank of Nigeria introduced the redesign of N200, N500 and N1,000 denominations in October 2022 and certain deadlines were set for the old design of these denominations to cease as legal tenders.

“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 CBN added that it was working with the relevant authorities to vacate the subsisting court ruling on the same subject.

According to the statement, CBN branches across the country will continue to issue and accept all denominations of the country’s banknotes; old and redesigned, to and from deposit money banks.

The statement indicated, “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.’’



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