The Central Bank of Nigeria (CBN) has refuted widespread rumors that the old N200, N500, and N1,000 banknotes will cease to be legal tender by December 31, 2024.
In an official statement issued on Thursday by Ag. Director, Corporate Communications Mrs Sidi Ali Hakama, the CBN described such claims as false and intended to create confusion within the financial system.
The CBN reaffirmed that the ruling of the Supreme Court on November 29, 2023, which extended the use of old naira notes indefinitely, remains in force.
This ruling came after the Attorney-General of the Federation and Minister of Justice filed a case to ensure the continued circulation of old banknotes alongside the redesigned ones.
According to the apex bank, all denominations of the Nigerian currency, both old and new, remain legal tender.
The CBN also reiterated that its branches will continue to issue and accept these notes from deposit money banks (DMBs).
“We advise the public to disregard any suggestions that these notes will cease to be valid after December 31, 2024,” the statement emphasized.
The CBN urged Nigerians to continue accepting both the old and redesigned naira notes for transactions and to handle them with care to preserve their quality.
In addition, the bank encouraged Nigerians to adopt alternative payment methods, such as electronic channels, to reduce reliance on cash transactions.
