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CBN Extends Use of Old Naira Notes

The Central Bank of Nigeria (CBN) has decided to extend the legal tender status of old N200, N500, and N1000 notes indefinitely. The initial deadline of December 31, 2023, has been removed. In a statement on Tuesday, Dr. Isa AbdulMumin, the Director of Corporate Communications, revealed that the CBN is working to overturn existing court rulings on these old notes.

The statement clarified, “The Central Bank of Nigeria intends to extend the legal tender status deadline of the old design of N200, N500, and N1000 denominations indefinitely. This aligns with international best practices to prevent a recurrence of past issues. All banknotes issued by the CBN, as per Section 20(5) of the CBN Act 2007, will remain legal tender beyond the initial December 31, 2023, deadline. The CBN is collaborating with relevant authorities to address the existing court ruling on the matter.”

It was further emphasized that all CBN branches nationwide will continue to accept and issue all denominations of Nigerian banknotes, whether old or redesigned. The public is encouraged to use Naira banknotes for transactions and handle them carefully. Additionally, alternative payment methods such as e-channels are recommended for day-to-day transactions.

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