The Central Bank of Nigeria (CBN) has stated that the old ₦200, ₦500, and ₦1,000 banknote designs will continue to remain legal tender, ad infinitum. The apex bank stated this in a press release on Tuesday.
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The apex bank had in October 2022 introduced the redesign of the aforementioned naira denominations, setting certain deadlines for the old designs t cease as legal tenders.
The Supreme Court of Nigeria in March 2023 ordered that the old ₦200, ₦500 and ₦1,000 remain legal tender till December 31st, 2023. The apex court also declared that President Buhari’s order on the new naira is invalid, and went further that the naira design policy was in contravention of the law.
In its press release, the CBN informed the general public of its desire to extend the legal tender status deadline of the old design of ₦200, ₦500 and ₦1,000 denominations, ad infinitum. “This is in line with international best practices and to forestall a repeat of earlier experiences,” the bank stated.
The press release went further to state that “all banknotes issued by the Central Bank of Nigeria (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.
“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 general public was enjoined to continue to accept all Naira banknotes (old or redesigned) for day-to-day transactions.
The CBN also encouraged the general public t embrace alternative modes of payment, e-channels, for day-to-day transactions.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur