Old Nigerian banknotes remain valid until end of 2023 – CBN

CBN spokesperson announces extension

The Central Bank of Nigeria (CBN) has announced that the old N200, N500, and N1000 notes will remain legal tender until December 31, 2023. The announcement was made by CBN spokesperson Isa Abdulmumin in a statement on Monday. This extension is good news for Nigerians who still have old banknotes in their possession and were concerned about their value.

CBN upholds the rule of law principle

The statement explained that the CBN’s decision to extend the validity of the old banknotes is in compliance with a Supreme Court ruling of March 3, 2023, and is in line with the Nigerian government’s commitment to upholding the rule of law principle. As a regulator, the CBN has directed Deposit Money Banks operating in Nigeria to comply with the Supreme Court’s ruling and allow the old banknotes to remain legal tender.

Old banknotes can still be used for transactions

The CBN met with the Bankers’ Committee and directed that the old N200, N500, and N1000 banknotes remain valid alongside the redesigned banknotes until December 31, 2023. This means that customers can continue to use the old banknotes for transactions until the expiration of the extended deadline. The CBN’s directive to Deposit Money Banks operating in Nigeria ensures that they will continue to accept the old banknotes as legal tender.

Implications for the Nigerian economy

The extension of the validity of the old Nigerian banknotes has implications for the country’s economy. For one, it will provide relief for those who still have old banknotes in their possession and were concerned about their value. It will also ensure that transactions can continue to take place smoothly without any disruptions. The extension will also allow the CBN to plan and implement a smoother transition to the new banknotes, which will be phased in over time.

Conclusion

In conclusion, the extension of the validity of the old N200, N500, and N1000 banknotes until December 31, 2023, is a positive development for Nigerians. It ensures that they can continue to use their old banknotes for transactions and provides a smoother transition to the new banknotes. The CBN’s directive to Deposit Money Banks operating in Nigeria ensures that they will continue to accept the old banknotes as legal tender.