The Central Bank of Nigeria (CBN) has announced that old money of N200, N500, and N1000 will remain legal tender beyond December 31, 2023.
The bank’s Director of Corporate Communications, Dr Isa Abdulmumin, stated that banks will continue to issue and accept old and redesigned banknotes.
The CBN is working to remove a court ruling on the banknotes. In February 2023, the country experienced a halt due to the scarcity of redesigned banknotes and traders refusing to accept the old notes as legal tenders.
POS operators charged up to N5000 to withdraw N10,000, causing frustration in the country.