BREAKING: CBN declares old naira notes as permanent legal tender

The Central Bank of Nigeria (CBN) has affirmed that the old N200, N500, and N1,000 notes will continue as legal tender indefinitely.

According to a statement by Isa AbdulMumin, CBN’s Director of Corporate Communications titled, “CBN To Allow Old Design Naira Banknotes As Legal Tender, Ad Infinitum” on Tuesday, said the decision aligns with international best practices and aims to prevent challenges encountered in past policy implementations. 

Earlier, News Round The Clock (NRTC) reported that the CBN, led by Godwin Emefiele, had introduced redesigned N200, N500, and N1,000 denominations in October 2022, with initially specified deadlines for discontinuing the use of the old notes as legal tender.

ALSO READ: BREAKING: CBN says old, new naira notes remain legal tender 

The statement read: “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 200, 500 and 1000 denominations, ad infinitum.

“Thus, all banknotes issued by the Central Bank of Nigeria (CBN), in accordance with Section 20 of the CBN Act 2007, will continue to remain legal tender, ad infinitum. 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.

ALSO READ: CBN allays concerns over scarcity of cash

“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. 

“Also, the general public is encouraged to embrace alternative modes of payment e-channels, for day-to-day transactions.”