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CBN To Allow Old Design Naira Banknotes As Legal Tender Indefinitely.

Old Naira Notes
Naira Notes.

The Central Bank of Nigeria (CBN) has announced that it will be extending the legal tender status deadline of the old design of N200, N4500 and N1,000 denominations, ad infinitum.

This means that these banknotes will continue to be accepted as legal tender in Nigeria indefinitely.

The CBN made the announcement in a statement released on Tuesday. The statement said that the decision to extend the deadline was made “in line with international best practices and to forestall a repeat of earlier experiences.”

The CBN also said that it is working with the relevant authorities to vacate the subsisting court ruling on the same subject.

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