The Central Bank of Nigeria (CBN) has decided to prolong the acceptance of old higher denominations of the Naira, contrary to the initial deadline of December 31, 2023.
The introduction of redesigned N200, N500, and N1,000 denominations in October 2022 had set varying expiration dates for the old designs.
However, the CBN has now extended the legal tender status indefinitely, citing international best practices.
The Director of the CBN’s Corporate Communications Department, Mr. Isa AbdulMumin, emphasised that all issued banknotes will persist as legal tender beyond the initial deadline.
The CBN is also working to address a court ruling on the matter.
Consequently, all CBN branches will continue to transact with both old and redesigned denominations, encouraging the public to handle Naira banknotes carefully and explore alternative payment methods.
