Connect with us

Business

BREAKING: CBN Officially Extends Use Of Old N200, N500, N1000 Notes Indefinitely

This means that these banknotes will continue to be accepted as legal tender in Nigeria indefinitely…

Published

on

CBNOldNairaNotesVerseNewsNG1 scaled e1676646567617
CBN - Old N1000, N500, N200 Naira Notes

The Central Bank of Nigeria (CBN) has officially announced that it will be extending the legal tender status deadline of the old design of N200, N4500 and N1,000 denominations, ad infinitum.

This means that these banknotes will continue to be accepted as legal tender in Nigeria indefinitely.

VerseNews reports that the CBN made the announcement in a statement released on Tuesday.

Advertisement

The statement said that the decision to extend the deadline was made “in line with international best practices and to forestall a repeat of earlier experiences.”

The CBN also said that it is working with the relevant authorities to vacate the subsisting court ruling on the same subject.

“This is in line with international best practices and to forestall a repeat of earlier experiences,” a statement signed by Isa AbdulMumin, Director, Corporate Communications, said.

“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.

Advertisement

“The Central Bank of Nigeria 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 and accept all denominations of Nigerian banknotes, old and redesigned, to and from deposit money banks (DMBS).

“The general public is enjoined to continue to accept all Naira banknotes (old or redesigned) for day-to-day transactions and handle these banknotes with utmost care, to safeguard and protect the lifecycle of the banknotes.

Advertisement

“Also, the general public is encouraged to embrace alternative modes of payment, e-channels, for day-to-day transactions,” the statement reads.

See statement below:

CBN Statement

WhatsAppCOnnect

Stay ahead with VerseNews. Get the latest breaking news, insightful analysis, and trending stories. Your go-to source for timely updates and unbiased reporting.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

WATCH: Nigeria Newspaper Headline Today

Apply For Latest Job Openings

Trending

AtikuVN AtikuVN
Politics2 hours ago

Coalition: Atiku Finally Breaks Silence Amid Pressure to Step Down for Southern Candidate

Following the announcement of the coalition, speculations began circulating that some northern politicians ...

minimum age minimum age
Education4 hours ago

BREAKING: FG Sets New Minimum Age for University Admission

The Federal Government warned that any attempt by institutions to manipulate or falsify age records...

nigerian banks nigerian banks
Business4 hours ago

BREAKING: Nigerian Banks to Report Accounts With ₦5m Monthly Transactions

Nigerian Banks will now report or flag any personal or business account that processes a total of ₦5 million or...

muslims muslims
Lifestyle4 hours ago

Why Muslims Bury Their Dead Within 24 Hours

Why Do Muslims Bury Their Dead So Quickly? Understanding the Faith and Tradition Behind Immediate Burial

jamb candidates jamb candidates
Education4 hours ago

FULL LIST: JAMB Announces Top 10 2025 UTME Scorers

JAMB announces the top 10 candidates, along with their gender, state of origin, institution of choice, and course of choice

Nigerian International Passport Nigerian International Passport
News5 hours ago

FG Launches Special Passport Office for Senior Public Officials

Olubunmi Tunji-Ojo, said the newly launched facility was established to address the challenges public officials.

jamb cut of mark jamb cut of mark
Education20 hours ago

JAMB Sets 2025/2026 Admission Cut-Off Marks for Universities, Polytechnics and Colleges

The cut-off marks were approved during the 2025 JAMB Policy Meeting held in Abuja, which brought together key stakeholders.

asuu trike asuu trike
Education1 day ago

BREAKING: ASUU Declares Nationwide Strike

Already, ASUU branches at the University of Jos and the University of Abuja have commenced the strike action in compliance...

Double Taxation Agreement talks Double Taxation Agreement talks
Business1 day ago

Netherlands Begins Double Taxation Agreement Talks with Nigeria

The talks mark a significant step in Nigeria’s evolving international tax diplomacy and its effort to align with global fiscal...

David Mark Rauf Aregbesola ADC David Mark Rauf Aregbesola ADC
News1 day ago

Coalition: David Mark, Other ADC Interim Leaders Dragged to Court – DETAILLS

The lawsuit threatens the fragile unity of the opposition coalition, reportedly being driven by former Vice President Atiku Abubakar,

Advertisement