CBN To Allow continued use of Old Design Naira Banknotes As Legal Tender, urges use of alternative modes of payment

Oru Leonard 

The Central Bank of Nigeria (CBN), has said the old designed naira notes of 200, 500 and 1000 denominations will continue to be in use for transaction in the country.

This is contained in a press release made available to News Dot Africa and signed by the CBN Director of Corporate Communications, Dr Isa AbdulMuminon Tuesday, November 14, 2023.

The release stated in full: “Pease recall that the Central Bank of Nigeria introduced the redesign of N200, N500 and N1,000 denominations in October 2022 and certain deadlines were set for the old design of these denominations to cease as legal tenders.

“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 ine with international best practices
and to forestal a repeat of earier experiences.

“Thus, all banknotes issued by the Centra 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 wil 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 (od 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.