Old naira notes remain legal tender indefinitely—CBN
By Sabiu Abdullahi
The Central Bank of Nigeria (CBN) has declared an indefinite extension of the legal tender status for the old design N200, N4500, and N1,000 denominations.
These banknotes will continue to be accepted as valid currency in Nigeria without a specified deadline.
The decision, communicated in a statement released on Tuesday, is explained as being in accordance with international best practices and aimed at preventing a recurrence of past challenges.
The CBN emphasized the importance of aligning with global standards in this decision.
Furthermore, the statement revealed that the CBN is actively collaborating with relevant authorities to overturn an existing court ruling on the same matter.
This indicates the central bank’s commitment to streamlining currency policies and ensuring a smooth transition in the acceptance of various denominations.
As a result of this extension, Nigerians can expect the continued circulation and acceptance of the mentioned banknotes in day-to-day transactions, providing stability and flexibility in the country’s monetary landscape.