The Central Bank of Nigeria (CBN) initially introduced the redesign of N200, N500, and N1,000 denominations in October 2022, setting deadlines for discontinuing the use of the old notes. However, in a recent announcement, the CBN declared its intention to extend indefinitely the legal tender status deadline for these older notes.
This decision, aimed at aligning with global standards and preventing previous challenges, allows all CBN-issued banknotes to remain legal tender indefinitely, surpassing the original deadline of December 31, 2023, as stated by Isa AbdulMumin, Director of Corporate Communications.
Furthermore, the CBN is actively collaborating with relevant authorities to address existing court rulings on the matter. Consequently, all CBN branches will continue to accept and issue both old and redesigned Nigerian banknotes to and from deposit money banks (DMBs).
The public is urged to accept all Naira banknotes, whether old or redesigned, for everyday transactions and handle them carefully to prolong their lifecycle. Additionally, embracing alternative payment modes and electronic channels for transactions is encouraged.
This extension provides stability in currency circulation and emphasizes the importance of safeguarding and utilizing Naira banknotes efficiently.
