The Central Bank of Nigeria (CBN) has reaffirmed the validity of the old Naira notes.
It reached last night to rumours making the rounds that the old notes would crime to be legal tender at the end of this year.
But the apex bank, through its Ag. Director of Corporate Communications , Mrs. Hakama Sidi Ali, dismissed the claim as false.
Below is the statement by Mrs. Sidi Ali, “The Central Bank of Nigeria 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 N1000, N500, and N200 denominations, as well as the commemorative and previous
designs of the N100 denomination, remain valid and continue to be legal tender without any deadline.
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We, therefore, advise the public to disregard any claims that the old series of the aforementioned banknotes will cease to be legal tender on December 31, 2024. We urge 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.
Furthermore, the general public is encouraged to embrace alternative modes of payment, such as e-channels, to reduce pressure on using physical cash.
