Central Bank of Nigeria ( CBN) has affirmed plans to extend deadline of the legal tender status for the old design of two hundred naira, five hundred naira , and one thousand naira denominations ,and infinitum.
This is contained in a Press release on Tuesday signed by the CBN Director of Corporate Communications Department Doctor Isa AbdulMumin, saying this is in line with international best practices.
The statement acknowledged that all Bank notes issued by the CBN in accordance with section twenty, subsection five of the CBN Act 2007 will continue to remain legal tender and infinitum even beyond the initial deadline of thirty-first December 2023.
While noting that the Bank is working with relevant authorities to vacate the subsisting Court ruling on the same subject, the Apex Bank disclosed that all it’s branches will to issue and accept all denominations of Nigerian banknotes old and redesigned to and from Deposit money Banks ( DMBs).
It further urged the general public to continue to accept all naira banknotes for day to day transaction, safeguard and protect the lifecycle of all banknotes,and use alternative modes of payment like the electronic channels.