No Deadline on Circulation of Naira Notes, Says CBN

Yemi Cardoso, CBN Gov

The Central Bank of Nigeria (CBN) says it has not fixed any deadline for the circulation of the old N200, N500 and N1,000 banknotes.

The Acting Director, Corporate Communications Department of the CBN, Hakama Sidi Ali, said this in a statement on Thursday in Abuja. Sidi-Ali was reacting to social media reports that the apex bank had fixed Dec. 31 as deadline for the circulation of the old notes.

She said that a Supreme Court verdict extending the legal tender status of the old banknotes indefinitely still subsists. According to her, the attention of the CBN has been drawn to discussions that the old series of the N200, N500, and N1,000 banknotes shall cease to be legal tender on Dec. 31.

“We wish to state categorically that such claims are false and calculated to disrupt the country’s payment system. “The order of the Supreme Court granting the prayer of the Attorney-General of the Federation and Minister of Justice to extend the use of old Naira banknotes ad infinitum, subsists.

“Similarly, the CBN’s directive to all its branches to continue to issue and accept all denominations of Nigerian banknotes from deposit money banks (DMBs) remains in force,” she said. She advised members of the public to disregard suggestions that the said series of banknotes would cease to be legal tender on Dec. 31.

“We urge Nigerians to continue to accept all Naira banknotes (old or redesigned) for their day-to-day transactions and handle them with the utmost care to safeguard and protect their lifecycle. “Furthermore, the general public is encouraged to embrace alternative modes of payment, e[1]channels, in order to reduce pressure on the use of physical cash,” she said.

The Supreme Court had ordered that the old series of N200, N500, and N1,000 banknotes shall continue to be legal tender alongside the redesigned versions. Accordingly, all banknotes issued by the CBN will continue to remain legal tender indefinitely # No Deadline on Circulation of Naira Notes, Says CBN Naira Drops Market Wide, Exchange Rates Gap Now N102