Reactions As CBN Says Old Naira Notes Remain Legal Tender Indefinitely

Several reactions have trailed the announcement of the extension of the validity of the old naira notes indefinitely by the Central Bank of Nigeria (CBN).

Naija News reported that the apex bank had announced that it had extended the validity of the old N200, N500 and N1,000 notes indefinitely.

The apex bank’s Director of Corporate Communications, Isa AbdulMumin, disclosed this in a statement titled, “CBN To Allow Old Design Naira Banknotes As Legal Tender, Ad Infinitum”

Abdulmumin said the decision is in line with international best practices and to forestall a repeat of earlier experiences implementing the policy.

Recall that the apex bank introduced the redesigned N200, N500 and N1000 denominations in October 2022 and certain deadlines were set for the old design of these denominations to cease as legal tenders.

Following the development, Nigerians have hailed the new CBN Governor, Yemi Cardoso, for extending the validity of the old naira notes indefinitely.

See some of the reactions below.

@bushman_paul wrote: “Some people lost their lives because hospitals would not accept transfers and cash was hard to get, even in emergency conditions. Emefiele is supposed chop better cane normally.”

@_fola1 wrote: “I know my tinubu will do that. But Emefiele or Omofere, you will suffer the way you suffer us for that old not and new note stuff.”

@Ifefineboy wrote: “Everybody know say dey brought out new Notes that time of Election because they wanted to frustrate Tinubu.”

@yakymoney wrote: “So all resources spent on printing new notes are wasted. These people even went as far as shredding the old notes