The Central Bank of Nigeria (CBN) has announced that there is no set deadline for the circulation of old N200, N500, and N1000 bank notes. CBN spokesperson, Sidi Ali Hakama, shared this in a statement on Thursday.
This clarification follows speculation that the old Naira notes might stop being legal tender by December 31, 2024.
The Central Bank of Nigeria (CBN) has clarified that the claim is untrue, emphasizing that all denominations of bank notes remain legal tender.
The attention of the Central Bank of Nigeria (CBN) has been drawn to discussions in various forums suggesting that the old N200, N500, and N1,000 banknotes will no longer be legal tender from December 31, 2024.
“We categorically state that these claims are false and are intended to disrupt the country’s payment system.
“For clarity, the Supreme Court of Nigeria’s order on Wednesday, November 29, 2023, approving the Attorney-General of the Federation and Minister of Justice’s request to indefinitely extend the use of old Naira banknotes, remains in effect.
“Furthermore, the CBN’s directive to all branches to continue issuing and accepting both old and redesigned Nigerian banknotes from deposit money banks (DMBs) also remains valid.
The Supreme Court has ruled that old N200, N500, and N1,000 banknotes will remain legal tender alongside the redesigned notes.
The CBN urges Nigerians to use and handle all Naira notes carefully to extend their lifespan and encourages the public to adopt alternative payment methods to reduce reliance on cash.
“All banknotes issued by the CBN will remain legal tender indefinitely. We advise the public to dismiss claims that these notes will no longer be valid after December 31, 2024,” the CBN stated.
