The Central Bank of Nigeria (CBN) has decided to indefinitely prolong the circulation of the old N200, N500, and N1000 banknotes.

The Central Bank of Nigeria (CBN) has announced the continued legal tender status of the old naira banknotes. Despite earlier plans to discontinue the old N200, N500, and N1,000 denominations by specific deadlines after the introduction of redesigned notes in October 2022, the CBN has now expressed its intention to extend the legal tender status indefinitely.

In a statement signed by Isa AbdulMumin, the Director of Corporate Communications, the decision aligns with international best practices and aims to prevent past issues. According to the statement, all banknotes issued by the CBN will persist as legal tender beyond the initially set deadline of December 31, 2023.

The CBN is actively working with relevant authorities to address existing court rulings on the matter. Consequently, all CBN branches nationwide will continue to issue and accept both old and redesigned denominations from deposit money banks (DMBs).

The public is urged to accept Naira banknotes, whether old or redesigned, for daily transactions and handle them with care to preserve their lifecycle. Additionally, embracing alternative payment methods and electronic channels for day-to-day transactions is encouraged.