The Central Bank of Nigeria (CBN) has cancelled the December 31 Deadline for the cessation of the use of old Naira notes as legal tender.
A statement today, November 14, by the Director, Corporate Communications of apex Bank, Dr. Isa AbdulMumin said that all banknotes issued by the 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.”
The statement recalled that the apex Bank introduced the redesign of N200, N500 and N1,000 denominations in October 2022 and that 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, and infinitum. This is in line with international best practices and to forestall a repeat of earlier experiences.
“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 life cycle of the banknotes. Also, the general public is encouraged to embrace alternative modes of payment, e-channels, for day-to-day transactions.”
