Old Naira Notes Remain Legal Tender Till Infinity – CBN

Posted by Nwa Diokpa Business News, Latest Headlines Tuesday, November 14th, 2023

(AFRICAN EXAMINER) – The Central Bank of Nigeria has shifted the validity of the old N200, N500 and N1,000 notes indefinitely .

The apex bank’s Director, Corporate Communications, Isa AbdulMumin in a statement titled, “CBN To Allow Old Design Naira Banknotes As Legal Tender, Ad Infinitum” on Tuesday, stated that the decision is in line with international best practices and to prevent a repeat of earlier experiences implementing the policy.

The African Examiner recalls that the CBN introduced the redesigned N200, N500 and N1.000 denominations in October 2022 and certain deadlines were fixed for the old design of these denominations to cease as legal tenders.

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.”