Amidst speculations in some quarters that the old naira notes namely N200, N500 and N1, 000 will no longer be legal tender by end of this year, Nigeria’s apex bank, the Central Bank of Nigeria (CBN) has shifted their validity indefinitely.
CBN Director, Corporate Communications, Isa AbdulMumin in a statement titled, “CBN to Allow Old Design Naira Banknotes as Legal Tender, Ad Infinitum stated that the decision is in line with international best practices and to prevent a repeat of earlier experiences implementing the policy.
Maritime Bits had reported that the apex bank introduced the redesigned N200, N500 and N1.000 denominations in October 2022 and certain deadlines were fixed for the old design of these denominations to cease as legal tenders.
“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, 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”, the statement added.