CBN says old naira notes remain legal tender indefinitely
Written by Joey Shekwonuzhibo on November 15, 2023
The Central Bank of Nigeria, CBN, says the old N200, N500, and N1,000 notes are to remain legal tender indefinitely.
While new currency notes were introduced last year with the old ones set to cease as legal tender, the apex bank has extended the legal tender status deadline of the old design of N200, N500 and N1,000 denominations, ad infinitum.
It explained that the move is in line with international best practices and to forestall a repeat of earlier experiences.
In a statement, the bank’s Director of Corporate Communications Isa AbdulMumin says CBN will continue to issue and accept all denominations of the bank notes, old and redesigned, to and from deposit money banks, DMBs.