The Central Bank of Nigeria (CBN) has announced its decision to indefinitely extend the validity of the old N200, N500, and N1,000 banknotes.
The apex bank expressed its intention to prolong the legal tender status of these notes beyond any specified expiry date, emphasizing its commitment to aligning with international best practices.
The CBN revealed that it is actively collaborating with relevant authorities to overturn existing court rulings related to this matter.
In a statement released on Tuesday and signed by the Director of Corporate Communications, Isa AbdulMumin, titled ‘CBN To Allow Old Design Naira Banknotes as Legal Tender, Ad Infinitum,’ the bank highlighted the move as a precautionary measure to prevent a recurrence of previous challenges.
The statement clarified, “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.”
The CBN asserted that all banknotes issued by the institution, as stipulated in Section 20(5) of the CBN Act 2007, will continue to be recognized as legal tender indefinitely, surpassing the initial deadline set for December 31, 2023. This decision aims to provide stability and continuity in the country’s currency system.
