The Central Bank of Nigeria (CBN) has officially clarified that there is no deadline for the circulation of old N200, N500, and N1000 banknotes, countering rumors that these notes would cease to be legal tender after December 31, 2024.
This clarification was released by CBN spokesperson Sidi Ali Hakama in a recent statement, addressing ongoing speculations and easing public concerns about the use of these older currency denominations.
According to Hakama, reports suggesting that old naira notes will become obsolete by the end of 2024 are entirely unfounded.
The bank emphasized that these claims are incorrect and seem designed to disrupt Nigeria’s financial stability.
The CBN reassured the public that all Nigerian currency—whether in the older or redesigned forms—continues to be valid for all financial transactions nationwide.
The statement reiterated the Supreme Court’s ruling from November 29, 2023, which indefinitely extends the usage of old naira notes in response to a petition by the Attorney-General of the Federation and Minister of Justice.
This judicial decision effectively prevents any cutoff date for using older currency and maintains that these notes should be accepted alongside the redesigned series.
The CBN emphasized that it fully adheres to this court order, ensuring that the old and new versions of the N200, N500, and N1000 notes retain their status as legal tender indefinitely.
Further, the CBN directed all of its branches to continue issuing and accepting both old and redesigned currency denominations from deposit money banks (DMBs) across the country.
This directive reinforces the Supreme Court’s ruling and aligns with the CBN’s commitment to financial inclusivity and stability in Nigeria’s economy.
The central bank also urged Nigerians to disregard any misinformation or rumors claiming that the old currency will be rendered invalid on December 31, 2024.
Citizens are encouraged to accept both old and redesigned banknotes in their day-to-day transactions.
Additionally, the CBN appealed to the public to handle naira banknotes with care to extend their lifespan and reduce the need for frequent replacements.
In its statement, the CBN also promoted the adoption of electronic payment channels to alleviate the demand for physical cash.
The bank emphasized that embracing digital payment methods would not only support Nigeria’s evolving financial landscape but also reduce pressure on cash circulation.
By transitioning more transactions to electronic channels, the public can help streamline payment systems and contribute to a more efficient economy.
In conclusion, the CBN’s announcement clarifies that all denominations of naira banknotes, whether old or newly redesigned, remain legal tender indefinitely.
This directive not only supports financial accessibility but also aligns with the Supreme Court’s ruling on the matter, ensuring stability and trust in Nigeria’s currency system.
The CBN advised citizens to continue using naira notes for transactions with confidence and encouraged the public to stay informed and cautious of rumors that could create unnecessary confusion within the payment system.
