The Central Bank of Nigeria (CBN) has dismissed reports alleging that the old series of the N200, N500, and N1,000 banknotes will cease to be legal tender by December 31, 2024.
In a statement issued on Thursday, the CBN’s acting Director of Corporate Communications, Sidi Hakama, clarified that the Supreme Court’s order from November 29, 2023, which extends the validity of the old notes indefinitely, remains effective.
“The attention of the Central Bank of Nigeria (CBN) 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,” Hakama said.
The CBN reiterated that the Supreme Court’s decision, which granted an indefinite extension on the use of the old naira banknotes, is still in effect. This directive, according to the statement, applies to all denominations of Nigerian banknotes, both old and redesigned versions.
The CBN emphasised that “all banknotes issued by it will continue to remain legal tender indefinitely” and urged the public to disregard claims about a December 2024 expiration date.
Hakama added, “We advise members of the public to continue to accept all Naira banknotes (old or redesigned) for their day-to-day transactions and handle them with the utmost care to safeguard and protect their lifecycle.
The apex bank also encouraged Nigerians to embrace alternative payment methods and e-channels to reduce the pressure on physical cash transactions.
