The Central Bank of Nigeria has informed the public of its desire to extend the legal tender status deadline of the old design of N200, N500 and N1,000 denominations, “ad infinitum”.
In a statement, the bank’s Director, Corporate Communications, Isa AbdulMumin, said the CBN branches in Nigeria will continue to issue and accept all denominations of the bank notes, old and redesigned, to and from deposit money banks (DMBs).
“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. 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.”
Old Naira Notes Remain Legal Tender Indefinitely – CBN was first posted on November 14, 2023 at 11:28 pm.©2022 “abijohn.com”. Use of this feed is for personal non-commercial use only. If you are not reading this article in your feed reader, then the site is guilty of copyright infringement. Please contact me at dotifing@gmail.com