The Central Bank of Nigeria has stated that the former series of N200, N500, and N1,000 banknotes will continue to be legal tender indefinitely, rejecting allegations that they would expire on December 31, 2024.
The CBN, in a statement issued on Thursday by the acting Director of Corporate Communications, Sidi Hakama, stressed that such stories are untrue and aimed to disrupt the country’s financial systems.
The statement read, “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.
“For the avoidance of doubt, the order of the Supreme Court of Nigeria on Wednesday, November 29, 2023, granting the prayer of the Attorney-General of the Federation and Minister of Justice to extend the use of old Naira banknotes ad infinitum, subsists.”
The Central Bank of Nigeria confirmed its commitment to keeping all Nigerian banknotes in circulation, including both the old and redesigned series.
“Similarly, 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,” according to a statement released by the central bank.
The bank informed the public that the Supreme Court’s order to continue using old naira notes alongside redesigned versions remains in effect.
“Accordingly, all banknotes issued by the Central Bank of Nigeria will continue to remain legal tender indefinitely,” the statement added.
The CBN encouraged Nigerians to dismiss any claims that the old series of banknotes will cease to be valid at the end of 2024.
It also urged individuals to continue using both old and redesigned naira notes for transactions, and to handle the notes with care to ensure their quality and longevity.
The CBN also encouraged the people to use alternative payment methods to reduce the demand for physical currency.
This announcement comes after earlier media speculation and worry about the legitimacy of old naira notes.
Earlier, the House of Representatives urged the CBN to gradually withdraw old naira notes while ensuring that new notes in the N200, N500, and N1,000 denominations are available to Nigerians.
The House also requested the central bank to instruct money deposit banks to make transactions with their customers using the new naira notes, thereby beginning the process of phasing out the old currency.
This resolution followed the adoption of a motion of urgent national importance submitted by Victor Ogene, the representative of Anambra State’s Ogbaru Federal Constituency, at Thursday’s plenary session.
