CBN extends old naira notes’ validity indefinitely

The Central Bank of Nigeria (CBN) has extended the validity of the old notes indefinitely.

The former CBN governor, Godwin Emefiele, in October 2022 announced the redesign of the old N200, N500 and N1,000 notes.

Emefiele, who announced the move at a media briefing in Abuja, gave January 31 as the deadline for the withdrawal of the old bank notes from circulation.

Following the hardship that accompanied the chaotic handling of the policy, the Supreme Court on March 3 extended the validity of the bank notes to December 31.

The CBN Director of Corporate Communications, Isa AbdulMumin, confirmed the extension in a statement titled: “CBN to Allow Old and Design Naira Banknotes as Legal Tender, Ad Infinitum,” issued on Tuesday in Abuja.

He said the decision was in line with international best practices and to prevent a repeat of earlier experiences on the policy.

The statement read: “Without prejudice, the Central Bank of Nigeria wishes to inform the general public of its desire to extend the legal tender status deadline of the old design of N200, N500 and N1,000 denominations; ad infinitum. This is in line with international best practices and to forestall a repeat of earlier experiences.

READ ALSO: CBN calls banks to come collect deposited old notes, as NLC renews threat

“Thus, 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.

“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.

“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.”

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now