By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: CBN Extends Validity of Old Naira Notes Indefinitely
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
BusinessNewsTop stories

CBN Extends Validity of Old Naira Notes Indefinitely

Muhammad A. Aliyu
By Muhammad A. Aliyu
Published: November 14, 2023
Share
2 Min Read
SHARE

The Central Bank of Nigeria (CBN) has announced the indefinite extension of the validity of the old N200, N500, and N1,000 banknotes.

The decision, according to Isa AbdulMumin, the apex bank’s Director of Corporate Communications, is in line with international best practices and is aimed at preventing the challenges experienced during previous attempts to enforce the policy.

The CBN had initially introduced redesigned N200, N500, and N1,000 denominations in October 2022, accompanied by specific deadlines for discontinuing the use of the old design of these denominations as legal tender.

The statement released by AbdulMumin, titled “CBN To Allow Old Design Naira Banknotes As Legal Tender, Ad Infinitum,” explained the rationale behind the extension.

- Advertisement -

“Without prejudice, the Central Bank of Nigeria wishes to inform the general public of its desire to extend the legal tender status deadline of the old design of N200, N500, and N1,000 denominations; ad infinitum,” the statement read.

“This is in line with international best practices and to forestall a repeat of earlier experiences.

“Thus, all banknotes issued by the Central Bank of Nigeria, in accordance with Section 20(5) of the CBN Act 2007, will continue to remain legal tender, ad infinitum. even beyond the initial December 31, 2023, deadline.

“The Central Bank of Nigeria is working with the relevant authorities to vacate the subsisting court ruling on the same subject.

- Advertisement -

“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.

“The general public is enjoined to continue to accept all Naira banknotes (old or redesigned) for day-to-day transactions and handle these banknotes with utmost care, to safeguard and protect the lifecycle of the banknotes.

“Also, the general public is encouraged to embrace alternative modes of payment, e-channels, for day-to-day transactions.”

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByMuhammad A. Aliyu
Follow:
Muhammad Ameer Aliyu, is a prolific journalist who joined Okay Nigeria in 2015 with the aim staying committed to bringing more positive growth to the digital news platform. He is the Senior Editor at Okay Nigeria.
Previous Article O'tega-Ogra The Thin Line between Advocacy and Anarchy: MY TAKE ON THE LATEST STRIKE ACTION BY ORGANISED LABOUR IN NIGERIA
Next Article Instagram Expands Close Friends Feature, Enabling Exclusive Feed Posts and Reels

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Exchange Rate

Okay.ng Logo
Buy Rate ₦1,605.00
Sell Rate ₦1,620.00

Last updated: 3 days ago (June 3, 2025 2:33 pm)

Displayed rates are for informational purposes only and are subject to change.

USD/NGN Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

President Tinubu and Top Officials Attend Eid-el-Kabir Prayers in Lagos, Emphasize Peace and Progress
News
Elon Musk’s Net Worth Plummets $34 Billion Amid Explosive Feud with Donald Trump
International
BREAKING: Akwa Ibom Governor Pastor Umo Eno Defects from PDP to APC in Strategic Political Shift
Politics Top stories
BREAKING: Former Chief Justice of Nigeria, Mohammed Uwais, Passes Away at 89
News Top stories
Russia Launches Deadly Drone and Missile Strikes Across Ukraine Following Ukrainian Attacks on Russian Bomber Fleet
International
- Advertisement -
Ad imageAd image

You May Also Like

Top stories

MTN Nigeria Doubles ICT Industry Average with 41.4% Female Workforce Representation

Muhammad A. Aliyu
Muhammad A. Aliyu
June 6, 2025
News

Lagos Commuters Endure Severe Gridlock as Pre-Sallah Activities Paralyze Major Routes

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 6, 2025
Nigeria GDP Growth, Nigeria renewable energy
NewsTop stories

Sallah 2025: Tinubu’s Economic Optimism and Nationwide Security Measures Highlight Nigeria’s Eid Celebrations

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 6, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?