The CBN had introduced the redesign of N200, N500 and N1,000 denominations in October 2022 and certain deadlines were set for the old notes of these denominations to cease as legal tenders.
On Tuesday, the CBN informed the public of its desire to extend the legal tender status deadline of the old design of N200, N500 and N1,000 denominations, ad infinitum.
“This is in line with international best practices and to forestall a repeat of earlier experiences,” a statement signed by Isa AbdulMumin, Director, Corporate Communications, said.
“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.
“Accordingly, all CBN branches across the country will continue to issue and accept all denominations of Nigerian banknotes, old and redesigned, to and from deposit money banks (DMBS).
“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.
“Also, the general public is encouraged to embrace alternative modes of payment, e-channels, for day-to-day transactions,” it said.
On Tuesday, the CBN informed the public of its desire to extend the legal tender status deadline of the old design of N200, N500 and N1,000 denominations, ad infinitum.
“This is in line with international best practices and to forestall a repeat of earlier experiences,” a statement signed by Isa AbdulMumin, Director, Corporate Communications, said.
“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.
“Accordingly, all CBN branches across the country will continue to issue and accept all denominations of Nigerian banknotes, old and redesigned, to and from deposit money banks (DMBS).
“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.
“Also, the general public is encouraged to embrace alternative modes of payment, e-channels, for day-to-day transactions,” it said.
From Dailypost
They should stop playing with us, the economy is already hard on people and no need for additional stress.
ReplyDeleteAs it should
ReplyDeleteNice one. So after all the stress, cries, killings this is where is end.
ReplyDeleteGovernment will always do things that will benefit the high and mighty
Good.
ReplyDeleteWhere the new note even they self?
ReplyDeleteWe don't see it anymore.
They are in circulation here in Lagos.
DeleteLook at the so-called new notes looking like photocopy of the original ones. The redesigning was targeted at Tinubu out of vindictiveness, he has become the President and the best revenge is to still allow the old notes to continue to be used.
ReplyDeleteWow😂😂😂 Alhamduillah 🤲
ReplyDeleteWeather old nor new notes e no solve any of my problem 😡😡😡😡
ReplyDeleteThank God.
ReplyDeleteOkay 👌
ReplyDeleteCan you imagine ...
ReplyDeleteElemiewele...ur mind no go settle
😀😀😀 they don start again, this people can't save us oooh.
ReplyDeleteLicious babe
Nobody would have listened to them again after what happened the last time..that how it was surpose to be the old naira will just fade away with time,but they just choose to be very wicked to the people..
ReplyDeleteThank God o, bcos I was already dreading the initial deadline.
ReplyDeleteLet us be using them like that.
These days sef I mostly use my card and then transfer in market, except for few traders who don't have pos and refuse transfer and then transportation that is why I usually withdraw cash.
Medicine after death
ReplyDeleteGood
ReplyDelete