The Central Bank of Nigeria (CBN) has announced that the old N200, N500 and N1,000 banknotes remain legal tender “Ad Infinitum” (indefinitely).
This decision, the bank said, was made in line with international best practices and to prevent a repeat of earlier experiences.
In a statement by its Director Corporate Communications Dr Isa AbdulMumin, the apex bank explained all notes issued by the bank will continue to be legal tender beyond the initial December 31, 2023 deadline.
The bank, AbdulMumin, said: “is also working with the relevant authorities to vacate the existing court ruling on the matter”.
All CBN branches across the country have been directed to continue issuing and accepting “all denominations” of Naira banknotes, both old and redesigned.
“The CBN is also encouraging the public to embrace alternative modes of payment, such as e-channels, for daily transactions.
“The decision to extend the legal tender status of the old design of N200, N500, and N1,000 banknotes is a welcome one.
“It will help to alleviate the cash squeeze that has been affecting many Nigerians in recent months. It will also give people more time to exchange their old banknotes for new ones.”