The Central Bank of Nigeria (CBN) on Tuesday announced that it has extended the validity of the old N200, N500 and N1,000 notes indefinitely.
The apex bank’s Director, Corporate Communications, Isa AbdulMumin disclosed this in a statement titled, “CBN To Allow Old Design Naira Banknotes As Legal Tender, Ad Infinitum”
Abdulmumin said the decision is line with international best practices and to forestall a repeat of earlier experiences implementing the policy.
Naija News understands that the apex bank introduced the redesigned N200, N500 and N1000 denominations in October 2022 and certain deadlines were set for the old design of these denominations to cease as legal tenders.
The statement read, “Without prejudice, the Central Bank of Nigeria wishes to inform the general public of its desire to extend the legal tender status deadline of the old design of N200, N500 and N1,000 denominations; ad infinitum.
“This is in line with international best practices and to forestall…