The Central Bank of Nigeria (CBN) has announced that there is no longer a timeline for the existence of old banknotes. The CBN intends to extend the legal tender status deadline for the old design of N200, N500, and N1,000 denominations indefinitely. This decision aligns with international best practices and aims to prevent previous issues.
There is no longer a timeline within which old notes will be in existence for, the Central Bank of Nigeria (CBN) has said. Director, Corporate Communications of the apex bank, Dr. Isa AbdulMumin, who disclosed this in Abuja yesternight, said without prejudice, the CBN informed of its desire to extend the legal tender status deadline of the old design of N200, N500 and N1,000 denominations, ad infinitum.
Recall that the CBN introduced the redesign of N200, N500 and N1, 000 denominations in October 2022 and certain deadlines were set for the old design of the denominations to cease as legal tenders. The CBN noted this latest step is in line with international best practices and to forestall a repeat of earlier experience
Central Bank Of Nigeria Banknotes Legal Tender Deadline Redesign Denominations
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