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Old naira notes will remain legal tender indefinitely, says CBN

Old naira notes will remain legal tender indefinitely, says CBN
November 14
20:34 2023

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.

CBN said this in a statement signed by Isa AbdulMumin, director, corporate communications, on Tuesday.

In March 2023, the supreme court had extended the deadline to phase out the old naira notes to December 31, 2023.

Prior to the CBN lifting the deadline, on November 8, the apex bank had issued a statement informing Nigerians that the old naira notes remain legal after reports of anxiety over its legality.

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The apex bank on Tuesday said without prejudice, it has extended “the legal tender status deadline of the old design of N200, N500 and N1,000 denominations, ad infinitum”.

CBN said: “This is in line with international best practices and to forestall a repeat of earlier experiences.”

“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.”

CBN encouraged the general public to embrace alternative modes of payment such as e-channels, for day-to-day transactions.

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