The Central Bank of Nigeria (CBN) has clarified that the old N200, N500, and N1,000 banknotes will remain valid indefinitely, dispelling rumors that they would cease to be legal tender after December 31, 2024.
In a statement released on Thursday by Acting Director of Corporate Communications, Sidi Hakama, the CBN emphasized that such reports are false and aimed at disrupting the nation’s payment system. The statement read, “The attention of the Central Bank of Nigeria has been drawn to claims suggesting that the old series of N200, N500, and N1,000 banknotes will no longer be legal tender by December 31, 2024. We categorically state that these claims are unfounded and intended to cause confusion.”
The CBN highlighted that the Supreme Court of Nigeria, in a ruling on November 29, 2023, granted the Attorney-General of the Federation and Minister of Justice the authority to extend the use of old naira notes indefinitely.
The bank reaffirmed its commitment to ensuring that all Nigerian banknotes, both old and redesigned, remain in circulation. “The directive to all CBN branches to continue issuing and accepting all denominations of Nigerian banknotes is still in force,” the statement added.
Furthermore, the CBN urged the public to disregard any suggestions that the old banknotes would lose their validity after 2024. It encouraged citizens to continue using both old and new naira notes for transactions and advised careful handling of the notes to preserve their quality.
In light of earlier concerns regarding the validity of old naira notes, the CBN also promoted the adoption of alternative payment channels to reduce the demand for physical cash.
Additionally, the House of Representatives has called on the CBN to initiate a gradual withdrawal of the old naira notes while ensuring that new notes are available in N200, N500, and N1,000 denominations. This resolution was passed after a motion of urgent national importance, sponsored by Victor Ogene, during Thursday’s plenary session.
