Business

CBN extends old naira notes’ validity indefinitely

Published

1 year ago

November 14, 2023

Olusegun Odunewu

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

The apex bank’s Director, Corporate Communications, Isa AbdulMumin, in a statement titled, “CBN to Allow Old Design Naira Banknotes as Legal Tender, Ad Infinitum” on Tuesday, said the decision is line with international best practices and to forestall a repeat of earlier experiences implementing the policy.

It would be recalled that the CBN had introduced the redesigned N200, N500 and N1.000 denominations in October 2022 and certain deadlines were set for the old design of these denominations to cease as legal tenders.

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.

“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.”

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.