The Central Bank of Nigeria (CBN) has clarified that there is no cutoff date for using the old N200, N500, and N1,000 Naira notes, debunking recent rumors that these notes would cease to be legal tender after December 31, 2024. CBN spokesperson Sidi Ali Hakama issued a statement emphasizing that all Nigerian banknotes remain valid for transactions indefinitely.
The clarification comes amid circulating speculation suggesting that the old series of Naira notes would be phased out by the end of 2024. However, the CBN asserted that these claims are false and likely intended to disrupt Nigeria’s payment system. “We wish to state categorically that such claims are false,” the bank stated, noting that these rumors undermine the Supreme Court’s ruling and CBN’s commitment to supporting all banknotes.
The Supreme Court’s ruling, issued on November 29, 2023, grants the Attorney-General’s request to allow the old notes’ continued circulation without a defined end date. Following this ruling, the CBN has directed its branches nationwide to continue issuing and accepting both the old and redesigned notes from deposit money banks (DMBs), ensuring seamless transactions for all Nigerians. “Accordingly, all banknotes issued by the CBN will continue to remain legal tender indefinitely,” the bank’s statement read.
The CBN has urged Nigerians to continue accepting both old and new Naira notes for daily transactions, reminding the public of the importance of handling these notes responsibly to extend their circulation lifespan. Additionally, the bank encourages people to adopt digital payment options to reduce reliance on physical cash, aligning with efforts to improve convenience and security in financial transactions.
By addressing these rumors, the CBN aims to reaffirm confidence in Nigeria’s currency system. The bank’s assurances offer clarity, allowing citizens and businesses to proceed with transactions using all forms of Naira notes without concern over an impending deadline.
I dont care about the old naira notes, I just want to know when were getting those new holographic ones!
I think we should just get rid of physical cash altogether and switch to a fully digital currency system. Who needs paper money anyway?
I think we should just get rid of paper money altogether and switch to digital currency. Who needs old naira notes anyway?
I dont get why they cant just switch to digital currency already. Old notes, new notes, who cares? Lets go crypto!
I dont get why people are making a fuss about old naira notes. Just use them until they phase out naturally.
Some people like to hold onto tradition, even if its just old notes.
I think we should bring back the old Naira notes as collectors items. Whos with me? 💸 #CurrencyDebate
Nah, lets move forward with new designs. Old notes can stay in memory. 💰 #ProgressiveCurrencyChoices
I think we should bring back the old Naira notes as collectors items. Whos with me? Lets start a petition!
I think we should bring back bartering instead of using old naira notes. Who needs cash anyway? Lets trade goats!
I dont get why people are so attached to old naira notes. Lets embrace change and move on! 🤷♂️
Some old naira notes hold sentimental value, cant just dismiss that. 🤷♂️
I think we should just get rid of physical money altogether and move to a fully digital currency system. Whos with me?
I think we should bring back the old Naira notes as a collectors item. Whos with me? #NairaNostalgia 🤑🇳🇬
Nah, lets focus on improving the current currency instead of dwelling on the past. #ProgressOverNostalgia 💸👍
I think we should just get rid of physical cash altogether and go fully digital. Who needs paper money anyway? 💸🚫