The Central Bank of Nigeria, CBN has said the old N200, N500, and N1,000 notes will remain legal tender indefinitely and no longer have a deadline

This was disclosed in a statement signed by the bank’s Director of Corporate Communications Isa Abdulmumin where it made known its intention to extend the validity of old naira notes beyond any expiry date.

In March 2023, the Supreme Court had extended the deadline to phase out the old naira notes to December 31, 2023.

According to the bank, it is working with the relevant authorities to vacate the subsisting court ruling on the same subject.

While explaining that the move is in line with international best practices and “to forestall a repeat of earlier experiences, the bank said it will continue to issue and accept all denominations of the bank notes, old and redesigned, to and from deposit money banks (DMBs).

The CBN there encouraged the general public to embrace alternative modes of payment such as e-channels, for day-to-day transactions.