The Central Bank of Nigeria (CBN) has confirmed that the old N200, N500, and N1,000 naira notes will continue to be valid indefinitely, countering recent claims that the notes would cease to be legal tender by December 31, 2024.
In a statement released Thursday, the acting Director of Corporate Communications, Sidi Hakama, addressed the public, emphasizing that such reports are false and could disrupt the nation’s payment system.
“The attention of the Central Bank of Nigeria has been drawn to discussions at different fora suggesting that the old series of the N200, N500, and N1,000 banknotes shall cease to be legal tender on December 31, 2024.
We wish to state categorically that such claims are false and calculated to disrupt the country’s payment system,” the statement read.
The CBN reaffirmed the Supreme Court’s ruling on November 29, 2023, which granted the request of the Attorney-General of the Federation to allow the continued use of old naira banknotes indefinitely.
“For the avoidance of doubt, the order of the Supreme Court of Nigeria… to extend the use of old Naira banknotes ad infinitum, subsists,” CBN noted.
Highlighting its commitment to maintaining all denominations in circulation, the CBN stated, “The CBN’s directive to all its branches to continue to issue and accept all denominations of Nigerian banknotes, old and re-designed, to and from deposit money banks remains in force.”
In addition, the apex bank reminded Nigerians to disregard any rumors suggesting an expiration date on the old banknotes, affirming that “all banknotes issued by the Central Bank of Nigeria will continue to remain legal tender indefinitely.”
The CBN also urged Nigerians to adopt alternative payment methods to reduce the demand for physical cash, adding a reminder to handle banknotes with care to preserve their longevity.
The announcement follows heightened public concern regarding the validity of old naira notes. Previously, the House of Representatives had passed a resolution urging the CBN to gradually phase out the old notes while ensuring sufficient availability of new notes in all denominations.
The resolution, presented by Representative Victor Ogene of Ogbaru Federal Constituency in Anambra State, underscored the need to improve the distribution of new notes across the country.
