The Central Bank of Nigeria (CBN) has declared that the old N200, N500, and N1000 Naira notes will continue to be legal tender indefinitely. In a statement by Isa AbdulMumin, the Director of Corporate Communications, the CBN emphasized its commitment to international best practices and preventing previous challenges.
While the CBN had initially set deadlines for the cessation of legal tender status for the old notes in October 2022, a Supreme Court ruling extended the validity until December 31, 2023. However, the recent announcement from the CBN indicates a desire to extend the legal tender status ad infinitum.
The statement highlighted that all banknotes issued by the CBN would continue to be legal tender beyond the December 31, 2023, deadline. The CBN is also working with relevant authorities to address the existing court ruling on the matter.
The public is encouraged to accept both old and redesigned Naira banknotes for daily transactions, and the CBN branches across the country will continue to issue and accept all denominations. Additionally, alternative payment methods and electronic channels are encouraged for day-to-day transactions.