The Central Bank of Nigeria has officially revoked the December 31, 2023 deadline previously set for the discontinuation of old naira notes, a move initiated following the redesign of the N200, N500, and N1,000 notes in October 2022.
During the tenure of Godwin Emefiele, the apex bank introduced the redesigned notes, triggering a period of naira scarcity and hardships for Nigerians, as part of a plan to phase out the old naira notes.
A statement titled “CBN to allow old design naira banknotes as legal tender, ad infinitum,” signed by the bank’s Director of Corporate Communications, Dr. Isa AbdulMumin, confirmed the perpetual legal status of the old notes.
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.”
The CBN emphasized that all banknotes issued in accordance with Section 20(5) of the CBN Act 2007 would remain legal tender indefinitely, surpassing the initial deadline of December 31, 2023.
Additionally, the CBN disclosed its ongoing collaboration with relevant authorities to nullify the existing court ruling on the same subject.
The statement assured the public that CBN branches nationwide would continue to accept and issue all denominations of the country’s banknotes, whether old or redesigned, to and from deposit money banks.
The public is encouraged to accept all naira banknotes, old or redesigned, for day-to-day transactions and handle them with utmost care to preserve the banknotes’ lifecycle. Moreover, alternative modes of payment, such as e-channels, are advocated for everyday transactions.
