CENTRAL BANK OF
PRESS RELEASE
EXTENSION OF THE TERMINAL DATE FOR THE CIRCULATION OF N5, N10
AND N50 PAPER NOTES
The Central Bank of N5, N10 and N50
paper banknotes as legal tender is hereby extended indefinitely. This means that these paper notes will
continue to circulate side by side with the N5,
N10 and N50 polymer notes. This 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 notes. Indeed 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.
The Bank also wishes to reassure Nigerians that the N50 polymer banknotes, whether with 6-digits or 7-digits serial
numbers were issued by the CBN and therefore 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.
For the avoidance of doubt, it is unlawful to refuse to accept any legal tender currency issued by the Central Bank.
(Signed)
M.M. ABDULLAHI
Head, Corporate Communications
3rd March, 2010
