This was said in a statement released on Tuesday in Abuja by Isa AbdulMumin, Director of CBN’s Corporate Communications Department.
According to Naijaloaded, the CBN redesigned the ₦200, ₦500, and ₦1,000 denominations in October 2022.
Additionally, the apex bank established dates for the old denomination designs to lose them legal tender validity.
On the other hand, the Supreme Court decided in March to prolong the old ₦200, ₦500, and ₦1,000 until December 31.
“This is to prevent a recurrence of previous experiences and is in accordance with worldwide best practices.
Thus, even after the Dec. 31 deadline, all banknotes issued by the CBN in compliance with Section 20(5) of the CBN Act shall remain lawful money.
