Ignore Deadline, Old Design Naira Banknotes Remain Legal Tender, Ad Infinitum – CBN

Old Design Naira Banknotes

Old Design Naira Banknotes; CBN’s Director of Corporate Communications, Dr Isa AbdulMumin has said that the old notes would remain legal tender ad Infinitum. i.e endlessly or without limit.

After the Supreme Court ruling in March, CBN, under former Governor Emefiele, extended the legal tender status of old notes.

“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.”“

“All CBN branches will issue and accept all Nigerian banknotes, old or redesigned, to and from deposit money banks.”

“Accept all Naira notes, old or new, for transactions. Handle with care to protect their lifecycle, urges the public.”

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

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