Validity of Old naira notes remain indefinite– CBN
The Central Bank of Nigeria(CBN) has made clarifications that the old series of N200, N500, and N1,000 banknotes will remain valid indefinitely.
The apex bank also refuted claims that the notes would cease to be legal tender by December 31, 2024.
The CBN Acting Director of Corporate Communications, Hakama Sidi-Ali in a statement noted that such reports are false and intended to disrupt the nation’s payment system.
The statement read, “The attention of the Central Bank of Nigeria has been drawn to discussions at different fora suggesting that the old series of the N200, N500, and N1,000 banknotes shall cease to be legal tender on December 31, 2024. We wish to state categorically that such claims are false and calculated to disrupt the country’s payment system.
“For the avoidance of doubt, the order of the Supreme Court of Nigeria on Wednesday, November 29, 2023, granting the prayer of the Attorney-General of the Federation and Minister of Justice to extend the use of old Naira banknotes ad infinitum, subsists.”
“Similarly, the CBN’s directive to all its branches to continue to issue and accept all denominations of Nigerian banknotes, old and re-designed, to and from deposit money banks remains in force,” the apex bank noted in its statement.
The bank reminded the public that the Supreme Court’s order for the continued use of old naira notes alongside the redesigned versions is still in force.
“Accordingly, all banknotes issued by the Central Bank of Nigeria will continue to remain legal tender indefinitely,” the statement added.
The CBN urged Nigerians to disregard any suggestions that the old series of banknotes will cease to be valid from the end of 2024.
It also called on citizens to continue using both old and redesigned naira notes for transactions and advised them to handle the notes with care to preserve their quality and lifespan.
