The Central Bank of Nigeria (CBN) has dispelled rumours that the old series of N200, N500, and N1,000 banknotes would cease to be legal tender by December 31, 2024. In a statement issued on Thursday, the CBN reiterated that these notes remain valid indefinitely.
Sidi Hakama, the Acting Director of Corporate Communications, emphasized that reports suggesting otherwise were false and aimed to disrupt the nation’s payment system. The CBN noted that the Supreme Court’s order of November 29, 2023, extending the use of old Naira banknotes, remains in effect.
To ensure clarity, the CBN reaffirmed its commitment to the circulation of both old and redesigned banknotes. The apex bank also directed its branches to continue issuing and accepting all denominations of Nigerian banknotes.
The CBN urged Nigerians to disregard any suggestions that the old series of banknotes would become invalid. Citizens were advised to continue using both old and redesigned naira notes for transactions and to handle them carefully to preserve their quality. The bank also encouraged the public to embrace alternative payment channels to reduce reliance on physical cash.
This announcement comes in response to public speculation and concerns raised in the media about the validity of old naira notes. Earlier, the House of Representatives had called on the CBN to begin the gradual withdrawal of old naira notes and ensure the availability of new notes. However, the CBN’s clarification now provides clarity on the continued legal tender status of the old banknotes.
Add Comment