CBN Says Old N200, N500, N1,000 Notes Will Remain Legal Tender ‘Forever’

The Central Bank of Nigeria has said there is no deadline for the recognition of old naira notes as legal tender in the country.

In March, the apex bank under the leadership of its then-Governor, Godwin Emefiele said the old N200, N500, and N1,000 bank notes would remain legal tender till December 31, 2023, as ordered by the Supreme Court.

This apex court judgement followed the ban placed on the old notes by the CBN ahead of the 2023 general election, which led to naira scarcity and hardship in the country.

However, a statement on Tuesday by the CBN’s Director of Corporate Communications, Dr Isa AbdulMumin, said the old notes would remain legal tender ad infinitum, meaning without end or limit.

The statement read, “Please recall that the Central Bank of Nigeria introduced the redesign of N200, N500 and N1,000 denominations in October 2022 and certain deadlines were set for the old design of these denominations to cease as legal tenders.

“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 N200, N500 and N1,000 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.”

The apex bank urged the public to continue to accept all naira notes (old or redesigned) for their transactions, adding that its branches across the country will continue to issue and accept all naira denominations.