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.
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