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

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.

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.

“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.

“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: