The Central Bank of Nigeria has clarified in a statement that the old currency of N200, N500, and N1,000 banknotes will remain valid indefinitely.
This is as claims emerged that the notes would cease to be legal tender by December 31, 2024.
In a statement released on Thursday by The acting Director of Corporate Communications, Sidi Hakama, the CBN refuted such reports saying it was false and deceptive.
The statement read, “The attention of the Central Bank of Nigeria has been drawn to discussions at different forum 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.”
The CBN reaffirmed its commitment to ensuring that all Nigerian banknotes, including both the old and redesigned series, remain in circulation.
“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 bank said.
The bank also reminded the public that the Supreme Court’s order for the continued use of old naira notes alongside the redesigned versions remains.
“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.
The CBN further encouraged the public to embrace alternative payment channels to ease the demand for physical cash.
However, the House of Representatives have called on the CBN to encourage the phasing out of the old currency through ensuring the availability of the redesigned denominations for Nigerians.
This resolution came after the adoption of a motion of urgent national importance, sponsored by Victor Ogene, the representative of Ogbaru Federal Constituency in Anambra State, during Thursday’s plenary session.
Yet CBN’s stance on the matter is that the old currency and the redesigned versions would remain valid side by side.
