The Central Bank of Nigeria (CBN) has reaffirmed that the old series of N200, N500, and N1,000 banknotes will remain valid indefinitely, contrary to claims that they would cease to be legal tender by December 31, 2024.
This clarification comes after speculation and concern in the media over the validity of old naira notes. The CBN’s acting Director of Corporate Communications, Sidi Hakama, stated that reports suggesting the old notes would expire are false and intended to disrupt the nation’s payment system.
The CBN emphasized that the Supreme Court’s order permitting the use of old and redesigned naira notes indefinitely remains in effect. This order was granted on November 29, 2023, allowing the continued use of old naira banknotes alongside the redesigned versions.
The apex bank reiterated its directive to all its branches to continue issuing and accepting all denominations of Nigerian banknotes, old and redesigned. The CBN urged Nigerians to disregard claims of expiration and continue using both old and redesigned naira notes for transactions.
Additionally, the CBN advised citizens to handle the notes carefully to preserve their quality and lifespan. It also encouraged the public to explore alternative payment channels to reduce demand for physical cash.
This announcement follows an earlier call by the House of Representatives for the CBN to withdraw old naira notes and ensure the availability of new notes in the N200, N500, and N1,000 denominations. However, the CBN’s statement reaffirms its commitment to maintaining the validity of all Nigerian banknotes, old and redesigned.