The Central Bank of Nigeria (CBN) has announced that the previous N200, N500, and N1,000 notes will retain their status as legal tender indefinitely.
Despite initial plans to discontinue their use by the end of December, the apex bank, in a statement on Tuesday, November 14, declared an extension of the legal tender status for the old currency denominations “ad infinitum.”
The decision aligns with international best practices and aims to prevent the recurrence of past challenges. The CBN clarified that, in accordance with Section 20(5) of the CBN Act 2007, all banknotes issued by the CBN will persist as legal tender beyond the initial deadline of December 31, 2023. The CBN is actively collaborating with relevant authorities to address a standing court ruling on the same matter.
Isa AbdulMumin, the Director of Corporate Communications at the bank, assured the public that CBN branches will continue to both issue and accept all denominations of banknotes, including the old and redesigned versions, to and from deposit money banks (DMBs).
In urging the general public to maintain the acceptance of all Naira banknotes, regardless of their design, for daily transactions, the CBN emphasized the importance of handling these notes with utmost care to preserve their lifecycle. Additionally, the public was encouraged to adopt alternative payment methods such as e-channels for their day-to-day transactions.