The previous N200, N500, and N1000 notes are still legal money as of right now, with the Central Bank of Nigeria (CBN) lifting the initial deadline of December 31, 2023.
In a statement released on Tuesday and under the signature of Dr. Isa AbdulMumin, Director of Corporate Communications, the apex also revealed that it is attempting to overturn current court decisions pertaining to the old notes.
Please remember that the 200, +4500, and 1,000 denominations were redesigned by the Central Bank of Nigeria in October 2022, and that there were deadlines for the old designs to stop being accepted as legal money.
“Without causing offence, the Central Bank of Nigeria would like to notify the public that it intends to prolong the period by which the N200, 4500, and 1,000 denominations of the previous design are eligible to remain legal currency, indefinitely. This is to prevent a recurrence of previous events and is in accordance with worldwide best practises.
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Therefore, even after the original deadline of December 31, 2023, all banknotes issued by the Central Bank of Nigeria (CBN) shall remain legal money, ad infinitum, in compliance with Section 20(5) of the CBN Act 2007. In order to overturn the current court decision on the same matter, the Central Bank of Nigeria is collaborating with the appropriate authorities.
As a result, all CBN branches nationwide will keep issuing and accepting old and redesigned Nigerian banknotes in all denominations to and from deposit money banks (DMBs).
“To preserve and protect the banknotes’ lifespan, the public is urged to keep accepting all Naira banknotes—old or redesigned—for daily transactions and to handle them with the utmost care. Additionally, e-channels, or alternative payment methods, are urged to be used by the general public for daily transactions.
