CBN Extends Use Of Old N200, N500, N1000 Notes ‘Indefinitely

The Central Bank of Nigeria, CBN, has disclosed that the old N200, N500, N1,000 naira banknotes will remain a legal tender ‘ad infinitum’.

The development was announced in a statement on Tuesday by the apex bank’s Director of Corporate Communications, Dr Isa AbdulMumin.

“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.

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“The Central Bank of Nigeria is working with the relevant authorities to vacate the subsisting court ruling on the same subject.

“Accordingly, all CBN branches across the country will continue to issue and accept all denominations of Nigerian banknotes, old and redesigned, to and from Deposit Money Banks (DMBs).

“The general public is enjoined to continue to accept all Naira banknotes (old or redesigned) for day-to-day transactions and handle these banknotes with utmost care, to safeguard and protect the lifecycle of the banknotes.

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