The Central Bank of Nigeria, CBN, has revised the deadline for the legal tender status of old N200, N500, and N1000 notes. Initially set for December 31, 2023, this deadline has now been removed indefinitely.
This was confirmed in a statement on Tuesday, 14th November 2023, by Dr. Isa AbdulMumin, the CBN’s Director of Corporate Communication
Additionally, the CBN revealed its efforts to nullify existing court rulings concerning the old notes.
It assured that all CBN branches nationwide will continue to both issue and accept all denominations of Nigerian banknotes, as well. as old and redesigned ones, from and to banks.
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.
CBN
Furthermore, the apex bank encouraged the public to embrace all Naira banknotes, whether old or redesigned, for their daily transactions and to adopt alternative payment methods.
Story: Ihuoma Ukeje