Business
No more December: CBN says no more deadline for old naira notes, gives reasons
The Central Bank of Nigeria has confirmed that the old naira notes will remain legal tender indefinitely.
This was disclosed in a statement on Tuesday, November 14, 2023, signed by Isa AbdulMumin, Director Corporate Communications.
In March 2023, the Supreme Court had extended the deadline to phase out the old naira notes to December 31, 2023.
Old naira notes remain legal tender.
However, on Tuesday, the apex bank eased the fears of Nigerians by confirming that the old notes will remain legal tender, Punch reports.
The statement reads:
“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 (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.
“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, therefore, encouraged the general public to embrace alternative modes of payment, such as e-channels, for day-to-day transactions.
