The Central Bank of Nigeria has announced that N200, N500 and N1,000 old Naira Designs remains a legal tender till infinity.
The Apex Bank made this announcement via a statement signed by the Banks Director, Cooperate Communications, Isa AbdulMumin, noting that the old design Naira Banknotes remains a “Legal Tender Ad Infinitum”.
This is coming after the former governor of the Apex Bank, Godwin Emefiele, said that N200, N500 and N1,000 old Naira designs will cease to be a legal tender from December 31, 2023.
Laying off this policy CBN noted that they introduced the redesign of N200, N500 and N1,000 denominations in October 2022, Hence, the body has decided to extend the deadline to infinity.
The statement read in part, “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.
“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 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 bank.”
