CBN Speaks On Old N200, N500, N1000 Expiry Date

Post created on 10:04 am

FILE PHOTO: Central Bank of Nigeria’s logo is seen on the headquarters building in Abuja, Nigeria January 22, 2018. REUTERS/Afolabi Sotunde/File Photo – RC1E81C7FA80

The Central Bank of Nigeria, CBN, has said the old N200, N500, and N1000 notes remain a legal tender beyond the expiry date of December 31, 2023 that was earlier given.

In a statement on Tuesday, the Director of Corporate Communications, Dr Isa Abdulmumin stated that banks will continue to issue and accept old and redesigned banknotes.

The statement also revealed that the ruling given by the court on old banknotes, the Central Bank is working to see it removed.

Recall the economic hardship that was melted on Nigerians in February 2023, when the former CBN Governor, Godwin Emeifele said the old notes were phased out to allow the redesigned note to be the legal tender.

Chaos and panic went through the spine of the average countryman as the redesigned banknotes were scarce and traders refused to accept the old notes.

Much harder is the Point of Sales Operators (POS) as they were charging as much as N5000 to withdraw N10,000, contributing to the frustration already in place by the scarcity of the redesigned notes.

[SA]