The Central Bank of Nigeria (CBN) has reaffirmed that old N1000, N500, and N200 banknotes remain valid as legal tender, contrary to misinformation suggesting they would cease to be valid by December 31, 2024.
According to a statement by Mrs. Hakama Sidi-Ali, Acting Director of Corporate Communications, the Supreme Court ruling of November 29, 2023, permits the indefinite circulation of both old and new designs of these denominations.
The CBN emphasized that all versions of the naira, including old and redesigned notes, as well as commemorative and previous designs of the N100 note, remain valid for transactions.
The bank urged Nigerians to continue using both old and redesigned banknotes for daily transactions, while handling the notes with care to ensure their longevity. Additionally, the CBN encouraged the public to adopt alternative payment channels, such as electronic banking platforms, to reduce reliance on physical cash.
The clarification is expected to alleviate concerns among Nigerians, who have been struggling with cash scarcity, and provide much-needed stability to the country’s financial system.
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