Nigerians Rejoice as CBN Extends Validity of Old Naira Denominations

The Central Bank of Nigeria (CBN) has announced its decision to extend the validity of the old N200, N500, and N1,000 notes indefinitely.

The apex bank expressed its intention to work with relevant authorities to overturn the existing court ruling on the matter, allowing for an extension beyond the initial December 31, 2023, deadline.

In a statement signed by Isa AbdulMumin, the Director of Corporate Communications, the CBN emphasized the move as aligning with international best practices to prevent a recurrence of past challenges.

The statement titled “CBN To Allow Old Design Naira Banknotes as Legal Tender, Ad Infinitum” assured the public that all banknotes issued by the CBN would continue to remain legal tender, beyond the specified deadline.

“The Central Bank of Nigeria is working with the relevant authorities to vacate the subsisting court ruling on the same subject,” the statement clarified.

This marks the third statement issued by the CBN concerning naira notes recently, following earlier assurances of no scarcity and a reminder that every banknote remains legal tender.

The apex bank’s initial plan to redesign some denominations aimed at reducing currency circulation, controlling counterfeiting, and curbing ransom payments.

The National President of the Association of Mobile Money and Bank Agents in Nigeria, Victor Olojo, welcomed the decision, stating, “The new decision of the Central Bank of Nigeria to retain both the old and new notes is a good and positive development.”