The old currency notes were supposed to stop being legal tender when new ones were introduced last year. However, the Apex Bank extended the deadline for the old design of N200, N500, and N1,000 denominations’ legal tender status indefinitely on Tuesday.
Isa AbdulMumin, the bank’s director of corporate communications, stated in a statement that the action is taken “to forestall a repeat of earlier experiences” and in accordance with worldwide best practises. He said that the CBN will keep issuing and accepting old and redesigned bank notes in all denominations to and from deposit money banks (DMBs).
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“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.”
“To preserve and protect the banknotes’ lifespan, the general public is urged to continue accepting all Naira banknotes—old or redesigned—for daily transactions and to handle them with the utmost care.”
The new currency notes were introduced by the apex bank’s leadership, led by former governor Godwin Emefiele, who is accused of 20 counts of fraud. The move ended a months-long crisis, as the leaders claimed the measure would combat inflation, prevent kidnapping, and stop vote-buying in the months leading up to the general elections in 2023.
