The Central Bank of Nigeria (CBN) has extended the legal tender status deadline for old N200, N500, and N1,000 notes indefinitely, as announced in a statement by Isa AbdulMumin, the Director of Corporate Communications. The Supreme Court had initially extended the deadline to phase out old naira notes to December 31, 2023, in March 2023.
Before the recent extension, the CBN had reassured Nigerians on November 8 that the old naira notes were still legal, addressing concerns over their validity. In its latest statement, the apex bank cited international best practices and the need to prevent previous challenges as reasons for the extension.
The CBN emphasized that all banknotes issued by the institution, following the CBN Act 2007’s Section 20(5), will remain legal tender indefinitely, surpassing the initial December 31, 2023, deadline. The CBN is actively collaborating with relevant authorities to overturn the existing court ruling on this matter.
The public is advised that all CBN branches nationwide will continue to issue and accept all denominations of Nigerian banknotes, both old and redesigned, from and to deposit money banks. The general public is urged to accept Naira banknotes (whether old or redesigned) for daily transactions and handle them with care to preserve their lifecycle.
Furthermore, the CBN encourages the adoption of alternative payment methods such as electronic channels for day-to-day transactions. This move aligns with efforts to modernize payment systems and enhance efficiency in financial transactions.