Saturday, May 25, 2024

CBN Extends Old Naira Banknotes Indefinitely

The central bank of nigeria (CBN) has announced that the old ₦200, ₦500, and ₦1,000 banknotes will continue to be legal tender indefinitely even beyond the initial sunday, december 31, deadline.

CBN made the announcement in a statement released by its spokesperson, Isa Abdul Mumin, on Tuesday.

The apex bank said that the decision was made “in line with international best practices and to forestall a repeat of earlier experiences.”

Apex Court Declares Old Naira Notes Legal Tender Till Dec 31

“Accordingly, 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 (dmbs),” The Apex bank stated.

CBN also noted that it is working with the relevant authorities to vacate a court order that had previously set a deadline for the old banknotes to cease being legal tender.

The bank, therefore, urged the general public to continue to accept all naira banknotes (old or redesigned) for day-to-day transactions and handle these banknotes with the utmost care to safeguard and protect the lifecycle of the banknotes.

“also, the general public is encouraged to embrace alternative modes of payment, e-channels, for day-to-day transactions.” It added.

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