CBN Dismisses Claims of Deadline for Old Naira Notes

The Central Bank of Nigeria (CBN) has officially clarified that the old N200, N500, and N1,000 naira notes will remain legal tender indefinitely, debunking rumors of a looming December 31, 2024, deadline for their circulation.

In a statement released by the CBN spokesperson, Hakama Sidi-Ali, the apex bank emphasized that recent reports suggesting the old banknotes would cease to be accepted after December are misleading and designed to disrupt the nation’s payment system.

“For the avoidance of doubt, the Supreme Court’s ruling from November 29, 2023, which extended the use of the old naira notes indefinitely, remains in effect,” Mrs. Sidi-Ali said. She added that all Central Bank branches have been directed to continue issuing and accepting both old and redesigned naira notes from deposit money banks.

The clarification follows widespread concern over the status of the old notes, particularly after the introduction of redesigned versions. Mrs. Sidi-Ali reassured the public that all naira denominations issued by the CBN, whether old or new, will continue to be valid for everyday transactions.

The CBN also encouraged Nigerians to adopt electronic payment systems to ease reliance on cash, promoting the use of e-channels for seamless transactions.

The statement concluded with a call for the public to disregard any false information regarding the cessation of the old naira notes and to handle the currency responsibly to preserve its lifespan.