Grace Omachoko
The Central Bank of Nigeria (CBN) has extended the validity of the old N200, N500, and N1,000 notes, stating that they remain legal tender indefinitely.
Recalled that new currency notes were introduced last year with the old ones set to cease as legal tender, but was reinstated back and December 31, 2023 set as the deadline for the use of the old note.
However, the apex bank on Tuesday extended it, saying “the legal tender status deadline of the old design of N200, N500 and N1,000 denominations, ad infinitum”.
It explained that the move is in line with international best practices and “to forestall a repeat of earlier experiences.
In a statement, the bank’s Director of Corporate Communications Isa AbdulMumin said CBN will continue to issue and accept all denominations of the bank notes, old and redesigned, to and from deposit money banks (DMBs).
“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.” he said.