Paper Notes to Remain Legal Tender

The Central Bank of Nigeria CBN) has extended indefinitely the terminal date for the circulation of the existing N5, N10 and N50 paper bank notes as legal tender.
The banknotes were supposed to go out of circulation six months after the polymer notes were introduced. CBN introduced polymer notes for the denominations in October, last year, which have started rejecting.
A statement from Mohammed Abdullahi, head, Corporate Communications Department of CBN said it is unlawful to refuse to accept any legal tender currency issued by the Central Bank.
“This means that these paper notes will continue to circulate side by side with the N5, N10 and N50 polymer notes,” he said. He said the clarification has become necessary to allow for the seamless transition from the N5, N10 and N50 paper notes to the polymer notes and the gradual withdrawal of the existing paper note, adding that this is in line with the best practice.
 “The general public is, therefore, advised to continue to accept and spend the N5, N10 and N50 paper banknotes as they remain legal tender. Banks are also directed to continue to accept such deposits from customers and members of the public.”
He reassured Nigerians that the N50 polymer banknotes, whether with 6-digits or 7-digits serial numbers were issued by the CBN and that they are genuine banknotes.
“The numbers on the notes are consistent with the numbering system adopted by the Bank. Both sets of banknotes are fortified with adequate security features which make counterfeiting difficult,” he said.