CBN Extends Indefinitely Expiry Of Old  Design Banknotes

The Central Bank of Nigeria (CBN) has extended indefinitely the expiry of the old design banknotes which was redesigned in October, 2022.

The old banknotes are N200, N500 and N 1, 000 denominations.

A statement by the CBN Director, Corporate Communications, Dr. Isa AbdulMumin, recall that the apex bank had introduced the
redesign of N200, N500 and N 1,
000 denominations in October
2022 and certain deadlines
were set for the old design of
these denominations to cease
as legal tenders.

However, he said: “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 N 200, N500and N 1,000 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.

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