The Central Bank of Nigeria has extended the legal tender status deadline of the old design of N200, N500 and N1,000 denominations.
In a statement by CBN’s Director of Corporate Communications Isa AbdulMumin, the apex bank stated thus:
“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.”
“The general public is enjoined to continue to accept all Naira notes (old or redesigned) for day-to-day transactions and handle these banknotes with utmost care, to safeguard and protect the lifecycle of the banknotes.