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Old Naira Notes Remain Legal Tender Indefinitely — CBN

This was said by the top bank in a statement that was signed by Director of Corporate Communications Isa AbdulMumin.

Remember that the Supreme Court had given the old naira notes until December 31st, 2023, to phase them out?

Following reports of concerns regarding the legality of the old naira notes, the CBN released a statement assuring Nigerians that they are still valid.

The “legal tender status deadline of the old design of N200, N500, and N1,000 denominations, ad infinitum” has been extended, however.

“This is to prevent a recurrence of previous experiences and is in accordance with worldwide best practices.

Therefore, in compliance with Section 20(5) of the CBN Act 2007, all banknotes issued by the Central Bank of Nigeria (CBN) shall remain legal tenders.

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