Old Naira Notes Are Still Accepted As Legal Money - CBN Says

Central Bank of Nigeria (CBN)

The Central Bank of Nigeria (CBN) says the old naira notes will remain legal tender beyond December 31, 2023 and no longer have a deadline

The old naira banknotes will continue to be accepted as legal tender, according to the Central Bank of Nigeria (CBN).

The N200, N500, and N1,000 denominations were redesigned by the apex bank in October 2022, and specific dates were established for the existing notes to stop being accepted as legal money.

The CBN, however, declared to the public on Tuesday that it wished to prolong the old design's N200, N500, and N1,000 denominations' legal tender status deadline indefinitely.

"This aligns with global best practices and prevents a recurrence of previous incidents," read a statement signed by Director of Corporate Communications Isa Abdul Mumin.

"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.

"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