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Monday, July 22, 2024

CBN Halts Emefiele’s December Deadline For Old Naira Notes

The Central Bank of Nigeria (CBN) has halted the December 31, 2023, deadline to completely phase out the old 200, 500 and 1,000 Naira notes.
Recall the CBN under Godwin Emefiele had during the introduction of the redesigned 200, 500 and 1,000 Naira notes set certain deadlines for the old design to cease as legal tenders.
However, in a statement on Tuesday by Isa Abdul Mumin, CBN’s Director of Corporate Communications, the apex bank has extended the legal tender status deadline of the old design of 200, 500 and 1,000 denominations, ad infinitum.
This means that these banknotes will continue to be accepted as legal tender in Nigeria indefinitely.
CBN said this was in line with international best practices and to forestall a repeat of earlier hardship faced by Nigerians.
“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,” CBN stated while encouraging the public to embrace alternative modes of payment day-to-day transactions.
The CBN also said that it was working with relevant authorities to vacate subsisting court ruling on the same subject.


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