BREAKING: CBN extends use of old N200, N500, N1000 notes indefinitely

BREAKING: CBN extends use of old N200, N500, N1000 notes indefinitely

The Central Bank of Nigeria, CBN, has said that the old naira banknotes will remain a legal tender.

BeatzNet reports that the CBN had introduced the redesign of N200, N500 and N1,000 denominations in October 2022 and certain deadlines were set for the old notes of these denominations to cease as legal tenders.

But on Tuesday, the CBN informed the 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 a repeat of earlier experiences,” a statement signed by Isa AbdulMumin, Director, Corporate Communications, said.

“Thus, all banknotes issued by the Central Bank of Nigeria (CBN), in accordance with Section 20(5) of the CBN Act 2007, will continue to remain legal tender, ad infinitum, even beyond the initial December 31, 2023, deadline.

“The Central Bank of Nigeria is working with the relevant authorities to vacate the subsisting court ruling on the same subject.

“Accordingly, all CBN branches across the country will continue to issue and accept all denominations of Nigerian banknotes, old and redesigned, to and from deposit money banks (DMBS).

“The general public is enjoined to continue to accept all Naira banknotes (old or redesigned) for day-to-day transactions and handle these banknotes with utmost care, to safeguard and protect the lifecycle of the banknotes.

“Also, the general public is encouraged to embrace alternative modes of payment, e-channels, for
day-to-day transactions,” it said.




Tags: CBN
Important Notice:
Beatznet respects copyright laws like the Digital Millennium Copyright Act (DMCA). We'll remove it if you have a valid request to remove content. We often share promotional songs to help new artists and labels gain exposure. This can boost their sales and streams, benefiting the copyright holders. We don't make money from these promos. If you think your rights are being violated, contact us at [email protected].

Related


About King Osas
I'm Osas, that kind-hearted guy in a cruel world.

Be the first to comment

Leave a Reply

Please kindly drop your comment below👇.