CBN says old Naira notes to remain legal tender “ad infinitum”

“Thus, all banknotes issued by the CBN, in accordance with Section 20 (5) of the CBN Act, will continue to remain legal tender, even beyond the Dec. 31 deadline,”

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CBN, old Naira notes, legal tender, “ad infinitum”
Old Naira Notes

The Central Bank of Nigeria (CBN), says the old Naira banknotes will henceforth remain legal “ad infinitum ”.

CBN’s Director, Corporate Communications Department, Isa AbdulMumin, said this in a statement on Tuesday in Abuja.

BRANDPOWER recalls that the CBN had introduced redesigned N200, N500 and N1,000 denominations in October 2022.

The apex bank also set certain deadlines for legal tender status of the old design of the denominations to cease to exist.

However, in March,  the Supreme Court extended the validity of the old N200, N500, and N1,000 till Dec.  31.

The President Sen. Bola Tinubu, during his inauguration on May 29, promised to revisit the Naira redesign policy.

According to Abdulmumin, without prejudice, the CBN wishes to inform the general public of its desire to extend the legal 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.

“Thus, all banknotes issued by the CBN, in accordance with Section 20 (5) of the CBN Act, will continue to remain legal tender, even beyond the Dec. 31 deadline,” he said.

CBN also noted that it is working with the relevant authorities to vacate a court order that had previously set a deadline for the old banknotes to cease being legal tender.

He said that all CBN branches across the country would continue to issue and accept all old and redesigned denominations of Nigerian banknotes to and from Deposit Money Banks.

He enjoined the general public to accept all banknotes old Naira notes or redesigned, for day-to-day transactions.

He also urged Nigerians to handle the banknotes with utmost care to protect and safeguard their life cycle.

“Also, the general public is encouraged to embrace alternative modes of payment, e-channels, for their day-to-day transactions,” he said.

BRANDPOWER recalls that the Naira redesign exercise was mired in controversy with allegations of deliberate sabotage by unnamed elements when it was earlier introduced by the CBN under the Buhari administration