The Central Bank of Nigeria has extended the legal tender status deadline of the old design of N200, N500 and N1,000 denominations indefinitely.
A statement by the apex bank Director of Corporate Communications, Dr. Isah Abdulmunin says the decision is in line with international best practices and to forestall a repeat of earlier experiences.
To this end, 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.
According to the statement, the apex Bank is working with the relevant authorities to vacate the subsisting court ruling on the same subject.
It directs all CBN branches across the country to continue to issue and accept all denominations of Nigerian banknotes, old and redesigned, to and from deposit money banks.
It also enjoins the general public 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.
The statement also urges members of the public to embrace alternative modes of payment, e-channels for their transactions.
The Central Bank of Nigeria had introduced the redesign of N200, N500 and N1,000 denominations in October 2022 and certain deadlines were set for the old design of these denominations to cease as legal tenders.