In a recent announcement, the Central Bank of Nigeria (CBN) clarified that the old N200, N500, and N1000 naira notes will continue to be accepted as legal tender even after December 31, 2023. This decision comes after the CBN’s earlier announcement in March, stating that, following a Supreme Court verdict, these specific banknotes would no longer be in circulation after the end of this year.
Last October, Godwin Emefiele, former CBN governor had unveiled plans to redesign the N200, N500, and N1,000 notes, urging citizens to deposit their old notes before January 31, 2023, as they would lose their status as legal tender beyond that date. However, this directive led to a cash shortage in February, causing hardships for citizens and prompting protests and bank attacks in some parts of the country.
In response to concerns about the scarcity of these banknotes and the approaching year-end deadline, a senior official from the CBN reassured the public that both old and new banknotes would still be considered legal tender.
“They are all legal tender. Nigerians should continue to spend them. There is no need to worry about the December 31 deadline,” the official stated.
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Furthermore, the CBN official emphasised that the phasing out of the old notes would be a gradual process to avoid causing additional hardships for the people.
“We won’t want Nigerians to undergo similar pain as they experienced earlier this year. The phasing out of the old notes will be gradual. It won’t be rushed,” the official assured.
