All Naira notes remain legal tender; Nigeria’s apex bank assures banks, citizens

The Central Bank of Nigeria, CBN, has again assured Nigerians that all Naira banknotes (old or redesigned) remain legal tender across the country.

The apex bank announced this in a directive to all banks and Nigerians regarding accepting old and redesigned Naira notes on Wednesday in a statement by its Acting Director of Corporate Communications, Mrs Sidi Hakama.

In line with Section 20(5) of the CBN Act 2007, all banknotes issued by the Central Bank of Nigeria will remain legal tender indefinitely, the CBN declared.

“To avoid doubt, the Supreme Court ordered that the old versions of N200, N500 and N1000 banknotes, alongside the redesigned versions, shall continue to be legal tender.

“Accordingly, in line with Section 20(5) of the CBN Act 2007, all banknotes issued by the Central Bank of Nigeria will remain legal tender indefinitely.

“Members of the public are enjoined to continue to accept all Naira banknotes(Old or redesigned) for their day-to-day transactions and handle these banknotes with utmost care to safeguard and protect the lifecycle of the banknotes,” it said.

The latest directive came after the Supreme Court granted the prayers of the federal government to lift the December 31 extension deadline for the usage of N200, N500, and N1,000 notes on Wednesday.