CBN says N100, N200, N1000 Banknotes remain Legal Tender indefinitely

 

The Central Bank of Nigeria on Tuesday said that the old N100, N200, N1000 banknotes will remain a legal tender indefinitely.

The Apex bank extended the Naira notes beyond the December 31, 2023 deadline issued by the former CBN governor, Emefiele.

CBN introduced the redesigned N200, N500 and N1.000 denominations in October 2022 and December 31, 2023 was given as deadline by the Supreme Court ruling of March 3, 2023 to cease as legal tender.

In a statement, the CBN Director, Corporate Communications Department, Dr. Isa AbdulMumin, said the decision was in line with global best practices and to, “forestall a repeat of earlier experiences.”

He said, “Thus, all banknotes issued by the CBN in accordance with Section 20(5) of the CBN Act 2007, will continue to remain legal tender, ad infinitum, even beyond the initial December 31, 2023 deadline.

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

The apex bank had introduced the redesign of N200, N500, and N1,000 denominations in October 2022 and various deadlines were set for the old design of the banknotes to be retired.

However, the economic hardship that resulted from the implementation of the currency redesign programme compelled some state governors to sue the central bank.

The apex bank, however, stated 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 (DMBS)”.

“The general public is enjoined to continue to accept all Naira banknotes (old or redesigned) for day-to-day transactions and handle these banknotes with 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,” the statement added.