Old Naira banknotes are extended indefinitely by the CBN

The old ₦200, ₦500, and ₦1,000 banknotes will remain legal tender indefinitely, the Central Bank of Nigeria (CBN) has announced, extending the initial deadline of Sunday, December 31.

CBN also stated that it is collaborating with the appropriate authorities to nullify a court order that had previously established a date by which the old banknotes would no longer be recognized as legal tender.

Hence, the financial institution strongly advised the public to maintain their usage of all Naira banknotes (whether old or redesigned) for routine transactions and to manage them with the utmost caution to preserve and safeguard their lifecycle.

“Additionally, for routine transactions, the general public is encouraged to adopt electronic channels or alternative payment methods.”