…..as CBN Cancels December 31 Deadline
Nigeria’s apex bank has announced its desire to extend the legal tender status deadline of the old design N200, N500 and N1000 notes, ad infinitum.
This means that the old and new designs of these naira denominations will continue together in circulation until further notice.
This was disclosed by the bank via a statement signed its Director of Corporate Communication, Dr. Isa Abdulmumin.
The bank also disclosed that it is working to vacate the court order which had earlier set the December deadline
“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 (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. 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 (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.