The Central Bank of Nigeria (CBN) has clarified that the old ₦200, ₦500, and ₦1,000 banknotes will remain legal tender indefinitely, countering reports that they would cease to be accepted by December 31, 2024.
In a statement released on Thursday, the acting Director of Corporate Communications, Sidi Hakama, dismissed such claims as false and an attempt to undermine the nation’s payment system.
“The attention of the Central Bank of Nigeria has been drawn to discussions at different fora suggesting that the old series of the ₦200, ₦500, and ₦1,000 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,” the statement read.
The CBN reaffirmed that a Supreme Court ruling from November 29, 2023, which extended the validity of the old banknotes indefinitely, is still in force.
“For the avoidance of doubt, the order of the Supreme Court of Nigeria 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,” the CBN emphasized.
The bank also reiterated that all denominations of Nigerian banknotes, whether old or redesigned, remain in circulation and can be used for transactions. It directed all its branches to continue issuing and accepting both series from deposit money banks.
“Accordingly, all banknotes issued by the Central Bank of Nigeria will continue to remain legal tender indefinitely,” the statement added, advising the public to ignore any reports suggesting otherwise.
The CBN encouraged Nigerians to handle both old and redesigned naira notes with care to preserve their quality and lifespan, while also urging the public to adopt alternative payment methods to reduce reliance on physical cash.
This clarification comes amid public speculation and media reports about the future of the old naira notes. The House of Representatives had earlier called on the CBN to initiate a gradual withdrawal of the old notes and ensure the availability of the redesigned ₦200, ₦500, and ₦1,000 denominations. During Thursday’s plenary session, a motion sponsored by Victor Ogene, representing Ogbaru Federal Constituency in Anambra State, urged the apex bank to instruct deposit money banks to prioritize transactions using the new notes, paving the way for a phased transition.
However, the CBN’s latest statement underscores that there is no set deadline for the validity of the old notes, maintaining the status quo established by the Supreme Court.
