Despite the introduction of new currency notes last year and the initial plan to discontinue the old ones as legal tenders, the Central Bank of Nigeria (CBN) announced on Tuesday an indefinite extension of “the legal tender status deadline of the old design of N200, N500, and N1,000 denominations.”

It explained that the move 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 (CBN), 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.”

“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,” it added.