The Central Bank of Nigeria (CBN) has declared that the old N200, N500, and N1,000 notes will remain legal tender indefinitely. This decision is in line with international best practices and aims to prevent issues encountered with previous policy implementations.
The CBN initially introduced redesigned N200, N500, and N1,000 denominations in October 2022, setting deadlines for the old design to cease as legal tenders. However, the CBN has now extended the legal tender status of the old design notes indefinitely.
In a statement titled “CBN To Allow Old Design Naira Banknotes As Legal Tender, Ad Infinitum,” the CBN’s Director of Corporate Communications, Isa AbdulMumin, emphasized that all banknotes issued by the CBN will continue to be legal tender, even beyond the initial December 31, 2023, deadline, in accordance with Section 20(5) of the CBN Act 2007.
The CBN is also working with relevant authorities to address the existing court ruling on the subject. Accordingly, all CBN branches across the country will continue to issue and accept both old and redesigned denominations of Nigerian banknotes.
The general public is urged to accept all Naira banknotes for day-to-day transactions and handle them with care to protect their lifecycle. Additionally, embracing alternative payment modes and e-channels for transactions is encouraged.
