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The Central Bank of Nigeria (CBN) has announced that the old ₦200, ₦500, and ₦1,000 banknotes will continue to be legal tender indefinitely even beyond the initial Sunday,December 31, deadline.
The Central Bank of Nigeria (CBN) on Tuesday announced that the Old Naira Notes will continue to used as Legal Tender indefinitely. The Apex Bank which disclosed this in a statement by the Director of Corporate Communications, Dr Isa AbdulMumin, recalled that it introduced the redesign of N200, N500 and N1,000 denominations in October 2022.
Financial stability remains a global issue, and It remains to be seen how the ongoing competition for financial supremacy among the world's top countries will unfold.
Gov. Ademola Adeleke of Osun, has warned commercial banks in the state to stop issuing old naira notes to customers, if they will not accept it back as deposits.
Lagos State Governor, Mr Babajide Sanwo-Olu, on Monday, directed residents of the State to go ahead and have transactions with the old Naira notes, saying Lagosians should feel free to use the old notes for commercial purposes.