CENTRAL BANK OF
EXTENSION OF THE TERMINAL DATE FOR THE CIRCULATION OF
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
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 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
For the avoidance of doubt, it is unlawful to refuse to accept any legal tender currency issued by the Central Bank.
Head, Corporate Communications
3rd March, 2010
NNN.COM.NG is a portal where you can read latest Nigeria News from all Nigeria Newspapers such as such as Punch, Vangaurd, Daily Times, Thisday, Guardian, Nation, Leadership and more in one place. NNN aggregates Naija News and sort them according to their sources, category and relevance as a way of reducing the effort a news reader needs to put in to reading breaking news in Nigeria and across the world.