Central Bank of Nigeria (CBN) Makes Definitive Call on Deadline for Old Naira Notes

The Central Bank of Nigeria has officially stated that the old naira notes will retain their legal tender status indefinitely. The confirmation came through a press release dated Tuesday, November 14, 2023, signed by Isa AbdulMumin, the Director of Corporate Communications.

Earlier in March 2023, the Supreme Court had extended the deadline for phasing out the old naira notes to December 31, 2023. However, to the relief of Nigerians, the apex bank, in its recent statement, reassured the public that the old notes, including the N200, N500, and N1,000 denominations, will continue to be accepted as legal tender without any specified deadline.

The statement emphasized the commitment of the Central Bank of Nigeria to international best practices and the prevention of previous challenges. It mentioned that all banknotes issued by the CBN, as outlined in Section 20(5) of the CBN Act 2007, will persist as legal tender, extending beyond the initial December 31, 2023, deadline.

Additionally, the Central Bank is actively working with relevant authorities to address the existing court ruling on the matter. The statement also highlighted that all CBN branches nationwide will both issue and accept all denominations of Nigerian banknotes, whether old or redesigned, to and from deposit money banks (DMBs).

While encouraging the public to continue accepting all Naira banknotes for everyday transactions, the CBN stressed the importance of handling these banknotes with care to preserve their lifecycle. Furthermore, the Central Bank urged the general public to adopt alternative payment methods such as electronic channels for their day-to-day transactions.