The Central Bank of Nigeria (CBN), says the old Naira banknotes will henceforth remain legal till infinity.
CBN’s Director, Corporate Communications Department, Isa AbdulMumin, said this in a statement on Tuesday in Abuja.
Naijaloaded recalls that the CBN had introduced redesigned ₦200, ₦500 and ₦1,000 denominations in October 2022.
The apex bank also set certain deadlines for legal tender status of the old design of the denominations to cease to exist.
However, in March, the Supreme Court extended the validity of the old ₦200, ₦500, and ₦1,000 till Dec. 31.
CBN director said:
“This is in line with international best practices and to forestall a repeat of earlier experiences.
“Thus, all banknotes issued by the CBN, in accordance with Section 20 (5) of the CBN Act, will continue to remain legal tender, even beyond the Dec. 31 deadline.”