The Central Bank of Nigeria has declared an indefinite extension of the legal tender status for old N200, N500, and N1,000 notes, overturning previous expiration dates.
In a move aligned with global standards, the apex bank aims to avoid past challenges and is actively addressing a court ruling on the matter.
Embracing international best practices, the CBN encourages the public to continue using both old and redesigned Naira notes for transactions, while also promoting alternative payment methods.
This decision follows a series of clarifications by the CBN regarding the legal status of Naira notes, resolving uncertainties created by a Supreme Court ruling in March 2023.