Hey there, middle schoolers! We have some news from Nigeria. The Central Bank of Nigeria, also known as CBN, has made an announcement about the old naira banknotes. They are going to stay as legal tender for a longer time!
So, here’s what happened. In October 2022, the CBN introduced new designs for the N200, N500, and N1,000 banknotes. They wanted to replace the old ones with these new fancy ones. But now, the CBN has changed its mind and wants to keep the old banknotes as legal tender forever!
The CBN says they made this decision to follow international best practices and avoid problems they had in the past. They want to make sure everyone can still use the old banknotes without any issues.
Good question! “Legal tender” means that the old banknotes can still be used to buy things and pay for stuff. Even though there was a deadline set for the old banknotes to stop being legal tender, that deadline has been removed. So, you can keep using the old N200, N500, and N1,000 banknotes for as long as you want!
If you have any of the old banknotes, don’t worry! You can still use them. The CBN wants everyone to accept and use the old banknotes for their daily transactions. But remember, you should handle them with care to make sure they last a long time.
The CBN also wants people to start using other ways to pay for things, like e-channels. Instead of using cash, you can use your phone or other electronic devices to make payments. It’s a convenient and safe way to handle your money.
So, there you have it! The CBN has decided to keep the old N200, N500, and N1,000 banknotes as legal tender indefinitely. You can still use them for your everyday transactions. Just remember to take care of them and consider using alternative payment methods too. Stay informed and keep handling your money wisely!