Naira
Old Design Naira Banknotes Are Legal Tender Indefinitely – CBN
The Central Bank of Nigeria, CBN, has stated that both old and new naira notes are legal tender in Nigeria indefinitely.
The CBN had introduced the redesign of N200, N500 and N1,000 denominations in October 2022 and certain deadlines were set for the old design of the denominations to cease as leagl tenders.
A statement by the Director of Corporate Communications of the CBN, Isa AbdulMumin, PhD, in Tuesday, stated that, “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 Nl,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 statement said, “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.”
The CBN also urged the general
public to embrace alternative modes of payment, e-channels, for their day-to-day transactions.
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