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Old naira notes remain legal tender indefinitely – CBN

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The Central Bank of Nigeria has announced that the old naira banknotes of N200, N500, and N1,000 denominations will remain legal tender indefinitely.

This decision reverses the previous deadline of December 31, 2023, for the old banknotes to cease to be legal tender.

In a statement issued by Isa AbdulMumin, Director, Corporate Communication of the apex bank on Tuesday 14th, November, the CBN stated that the decision to extend the deadline is in line with international best practices and to prevent a repeat of earlier experiences.

The bank also assured the public that 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.

Without prejudice. the Central Bank Of Nigeria wishes to inform the general public of its desire to extend the legal tender status deadline of the Old design Of N200, N500 and N1000 denominations ad infinitum. This is in line with international best practices and to forestall a repeat of earlier experiences,” the statement partly read.

The CBN encouraged the general public to continue to accept all Naira banknotes (old or redesigned) for day-to-day transactions and to handle these banknotes with utmost care to safeguard and protect their lifecycle.

Additionally, the bank encouraged the general public to embrace alternative modes of payment, such as e-channels, for day-to-day transactions.

 

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