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| Old Nigerian currencies |
AbdulMumin highlighted that the redesign of the N200, N500,
and N1,000 denominations, introduced in October 2022, initially came with
specific deadlines for the discontinuation of the old design as legal tender.
However, the CBN now aims to extend this deadline indefinitely, aligning with
global best practices and aiming to prevent the challenges encountered in
previous transitions.
The statement issued by AbdulMumin emphasized the continuous
legal tender status of all banknotes issued by the CBN, as outlined in Section
20 of the CBN Act 2007. This status will persist indefinitely, going beyond the
original December 31, 2023, deadline. The CBN is actively collaborating with
relevant authorities to address existing court rulings on this matter.
He further assured the public that all CBN branches
nationwide will continue to issue and accept both old and redesigned
denominations of Nigerian banknotes from deposit money banks (DMBs). AbdulMumin
urged the general public to accept and handle all Naira banknotes, whether old
or redesigned, with care to ensure the preservation and protection of the
banknotes' lifecycle.
As part of the CBN's broader strategy, AbdulMumin encouraged
the adoption of alternative payment methods and electronic channels for
day-to-day transactions. This move aligns with global trends toward digital
financial transactions, promoting efficiency and convenience in the evolving
landscape of monetary exchanges.
CBN To Allow Old Design Naira Banknotes As Legal Tender, Ad Infinitum... https://t.co/ukHSjfXt9v pic.twitter.com/7l9Oita9Am
— Central Bank of Nigeria (@cenbank) November 14, 2023
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