CBN speaks on banning old N200, N500, N1000 notes as December deadline approaches

The Central Bank of Nigeria (CBN) has affirmed that the old naira banknotes will retain their legal tender status. As reported by StechiteGist Media, the CBN had previously introduced a redesign of the N200, N500, and N1,000 denominations in October 2022, with specified deadlines for discontinuing the legal tender status of the old notes within these denominations.

However, on Tuesday, the CBN announced its intention to extend the deadline for the legal tender status of the old design of N200, N500, and N1,000 denominations indefinitely. This decision aligns with international best practices and aims to prevent a recurrence of previous challenges.

According to a statement signed by Isa AbdulMumin, Director of Corporate Communications, the CBN emphasized that all banknotes issued by the CBN, in accordance with Section 20(5) of the CBN Act 2007, will continue to be legal tender indefinitely, surpassing the initial deadline of December 31, 2023.

The CBN is actively collaborating with relevant authorities to overturn an existing court ruling on the matter. Consequently, all CBN branches nationwide will continue to issue and accept all denominations of Nigerian banknotes, both old and redesigned, to and from deposit money banks (DMBs).

 

The public is urged to accept all Naira banknotes, whether old or redesigned, for their everyday transactions, and to handle these banknotes with utmost care to preserve their lifecycle. Additionally, the general public is encouraged to adopt alternative modes of payment, such as e-channels, for their day-to-day transactions.

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