The Central Bank of Nigeria (CBN) has responded to widespread rumors regarding the legal status of the old series of Naira banknotes. Speculations suggested that the N200, N500, and N1,000 notes would cease to be legal tender by December 31, 2024. However, the CBN has categorically denied these claims, asserting that they are unfounded and potentially disruptive to Nigeria’s payment system.
The CBN’s statement comes on the heels of a Supreme Court ruling on November 29, 2023, which upheld the Attorney-General of the Federation’s request to extend the use of the old Naira banknotes indefinitely. This ruling ensures that both the old and redesigned banknotes will continue to circulate as legal tender.
“The order from the Supreme Court is clear: the old series of Naira banknotes will remain valid alongside the new designs,” a CBN spokesperson confirmed. “We urge the public to disregard any false information regarding a cutoff date for these banknotes.”
Additionally, the CBN has instructed all branches to continue the issuance and acceptance of both old and new denominations, ensuring that deposit money banks (DMBs) are equipped to handle transactions involving all versions of Naira banknotes.
As part of the announcement, the CBN encouraged Nigerians to embrace electronic payment options to alleviate the demand for physical cash. “While we affirm the validity of all Naira banknotes, we also advocate for the adoption of alternative payment methods to enhance transaction efficiency and security,” the spokesperson added.
In light of this clarification, the CBN reassured the public that all banknotes issued by the bank will maintain their status as legal tender indefinitely, and emphasized the importance of handling cash with care to ensure its longevity in circulation.
