The Central Bank of Nigeria has declared that the old series of N200, N500, and N1,000 banknotes will remain valid indefinitely, refuting claims that the notes would cease to be legal tender by December 31, 2024.
In a statement released on Thursday by The acting Director of Corporate Communications, Sidi Hakama, the CBN emphasised that such reports are false and intended to disrupt the nation’s payment system.
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 CBN reaffirmed its commitment to ensuring that all Nigerian banknotes, including both the old and redesigned series, remain in circulation.
“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,” the apex bank noted in its statement.
The bank reminded the public that the Supreme Court’s order for the continued use of old naira notes alongside the redesigned versions is still in effect.
