According to a report by Legit.ng, the Central Bank of Nigeria (CBN) has confirmed that the old 200, 500, and 1000 naira notes will remain legal tender even after December 31, 2023. This announcement comes as a response to concerns raised by Nigerians regarding the earlier deadline set for the withdrawal of these old notes.
Just a few months ago, in March 2023, the CBN declared that these old banknotes would no longer be in circulation beyond the end of 2023. However, as the December 31st deadline approached, many Nigerians were worried about the impact this would have, especially considering reports of scarcity of these old notes in some states.
A senior official from the CBN, speaking anonymously, addressed these concerns and reassured Nigerians.
The official stated, “They are all legal tender. Nigerians should continue to spend them. There is no need to worry about the December 31 deadline.”
The official emphasized that the process of phasing out the old notes would be gradual to prevent further 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 added.
The CBN had previously instructed citizens to deposit their old notes before January 31, 2023, as these notes would lose their status as legal tender beyond that date. However, this directive had led to a cash shortage in February, causing hardships for the citizens and even prompting protests and attacks on banks in some parts of the country.
