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CBN Says Old Naira Notes Remain Legal Tender Indefinitely


November 15, 2023

The Central Bank of Nigeria (CBN), says the old Naira banknotes will henceforth remain legal “ad infinitum”, in line with international best practices and to forestall a repeat of earlier experiences.

Recall that the CBN had introduced redesigned N200, N500 and N1,000 denominations in October 2022, and had set certain deadlines for legal tender status of the old design of the denominations to cease to exist.

However, in March, the Supreme Court extended the validity of the old N200, N500, and N1,000 till December 31. 

But according to the CBN’s Director, Corporate Communications Department, Isa AbdulMumin, in a statement yesterday, without prejudice, and in accordance with Section 20 (5) of the CBN Act, the old notes will continue to remain legal tender, even beyond the Dec. 31 deadline, as the CBN was working with relevant authorities to vacate certain subsisting judicial pronouncements on the subject.