The Central Bank of Nigeria (CBN) has clarified that the old ₦1000, ₦500 and ₦200 banknotes will continue to be legal tender without any deadline.
This comes following reports making the rounds that the old banknotes will become illegal by the end of year 2024.
However, the apex bank, in a statement signed by its Ag. Director, Corporate Communications, Mrs. Hakama Sidi Ali on Friday refuted the reports, reiterating the validity of the notes.
“The Central Bank of Nigeria (CBN) has observed the misinformation regarding the validity of the old ₦1000, ₦500, and ₦200 banknotes currently in circulation.
“In line with the Bank’s previous clarifications and to offer further assurance, the CBN wishes to reiterate that the subsisting Supreme Court ruling granted on November 29, 2023, permits the concurrent circulation of all versions of the ₦1000, ₦500, and ₦200 denominations of the Naira indefinitely.
“For the avoidance of doubt, all versions of the naira, including the old and new designs of ₦1000, ₦500, and ₦200 denominations, as well as the commemorative and previous designs of the ₦100 denomination, remain valid and continue to be legal tender without any deadline,” the statement partly reads.
Mrs. Ali advised the public to disregard any claims that the old series of the aforementioned banknotes will cease to be legal tender on December 31, 2024.
She urged Nigerians to continue accepting all Naira banknotes (both old and redesigned) for their daily transactions and to handle them with care to ensure their longevity.
The statement added: “Furthermore, the general public is encouraged to embrace alternative modes of payment, such as e-channels, to reduce pressure on using physical cash.”
