Old Naira Notes Remain Legal Tender Indefinitely — CBN - Nigelzient



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Wednesday, November 15, 2023

Old Naira Notes Remain Legal Tender Indefinitely — CBN


The Central Bank of Nigeria (CBN), on Tuesday, disclosed that the old naira notes will remain legal tender beyond December 31, 2023.

The apex bank said this in a statement signed by Isa AbdulMumin, Director, Corporate Communications

Recall that in March 2023, the Supreme Court had extended the deadline to phase out the old naira notes to December 31.

This is coming after the CBN issued a statement informing Nigerians that the old naira notes remain legal after reports of anxiety over its legality.

However, it has extended “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 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 lifecycle of the banknotes,” the statement read.

CBN further urged citizens to embrace alternative modes of payment such as electronic-channels, for day-to-day transactions.

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