Old Naira notes will remain legal tender indefinitely — CBN

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The CBN has extended the validity of the old N200, N50 and N1,000 noted indefinitely.

CBN’s Director, Corporate Communications, Isa AbdulMumin, disclosed this in a statement on November 14. “Without prejudice, the CBN 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.

This is in line with international best practices & to forestall a repeat of earlier experiences.

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Thus, all banknotes issued by the 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 CBN 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 & accept all denominations of Nigerian banknotes, old and redesigned, to and from deposit money banks.


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