The old and redesigned naira notes, notably the values of ₦1,000, ₦500, and ₦200, are still recognised as legal tender indefinitely, according to the Central Bank of Nigeria (CBN).
This statement dispels rumours that the previous series would no longer be accepted as legal tender on December 31, 2024.
According to the Supreme Court’s decision on November 29, 2023, all types of these banknotes can be used simultaneously and without a deadline, the CBN’s statement highlights.
The statement read, “The Central Bank of Nigeria (CBN) has observed the misinformation regarding the validity of the old N1000, N500, and N200 banknotes currently in circulation.
“In line with the Bank’s previous clarifications and to offer further assurance, the CBN wishes to reiterate that the subsisting Supreme Court ruling granted on November 29, 2023, permits the concurrent circulation of all versions of the N1000, N500, and N200 denominations of the Naira indefinitely.
“For the avoidance of doubt, all versions of the naira, including the old and new designs of N1000, N500, and N200 denominations, as well as the commemorative and previous designs of the N100 denomination, remain valid and continue to be legal tender without any deadline.”
