The Central Bank of Nigeria (CBN) has extended the validity of old N200, N500, and N1000 naira notes, defying its earlier announcement that these banknotes would cease to be legal tender by December 31, 2023, in compliance with a Supreme Court verdict. This decision comes after former CBN governor Godwin Emefiele's plan to redesign these notes created a cash shortage in February and led to protests and attacks on banks.
Despite fears of a year-end deadline and scarcity in some states, the CBN clarifies that both old and new banknotes are considered legal tender. Nigerians are encouraged to continue using these old notes without any concerns about the December 31 cutoff.
The CBN aims to phase out the old notes gradually to avoid causing further hardships for the public.
This development provides relief for citizens who had been worried about a sudden change and underscores the CBN's commitment to managing the transition from old to new banknotes in a manner that ensures minimal disruption to the financial system.
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