The Central Bank of Nigeria (CBN) has clarified that the old Naira series of N200, N500, and N1,000 banknotes will remain valid indefinitely, directly refuting claims that these notes would cease to be legal tender by December 31, 2024.
This announcement aims to quell confusion and speculation surrounding the status of the currency.
In a statement released on Thursday, Sidi Hakama, the acting Director of Corporate Communications at the CBN, emphasized that reports suggesting a deadline for the old banknotes are false and intended to disrupt the country’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.
Hakama further confirmed that the Supreme Court of Nigeria had issued an order on November 29, 2023, allowing for the continued use of old naira banknotes indefinitely, reinforcing that this legal status remains in effect.
“For the avoidance of doubt, the order of the Supreme Court of Nigeria… subsists,” he stated.
The CBN reiterated its commitment to ensuring that all Nigerian banknotes, including both the old and redesigned series, remain in circulation.
The statement added, “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.” This ensures that both types of currency will coexist in the economy for the foreseeable future.
Nigerians are urged to disregard any claims that the old series of banknotes will become invalid. The CBN called on citizens to continue using both old and redesigned naira notes for transactions and advised proper handling of the notes to preserve their quality and lifespan.
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Additionally, the CBN encouraged the public to embrace alternative payment channels to reduce reliance on physical cash. This recommendation aligns with ongoing global trends towards digital payments, which have gained popularity in Nigeria.
This clarification from the CBN follows recent public speculation and concern regarding the validity of the old naira notes. Earlier, the House of Representatives had urged the CBN to consider a gradual withdrawal of the old naira notes and ensure the availability of new notes in the N200, N500, and N1,000 denominations for citizens.
This call was initiated during a plenary session by Victor Ogene, a representative from Anambra State, who sponsored a motion of urgent national importance.
