The Central Bank of Nigeria (CBN) says the old naira notes will remain legal tender beyond December 31, 2023 — and no longer have a deadline.
CBN said this in a statement signed by its director, corporate communications, Isa AbdulMumin, on Tuesday.
Supreme court had earlier extended the validity of the old N200, N500, and N1000 notes to December 31 following a suit brought by the Kaduna, Kogi and Zamfara state against the federal government.
But on Tuesday, the Apex bank informed the public of its desire to extend the legal tender status deadline of the old design naira notes denominations, ad infinitum.
The statement partly reads, “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,” it said.
