Rumours that the N200, N500, and N1,000 banknotes will no longer be accepted as legal money by December 31, 2024, have been debunked by the Central Bank of Nigeria (CBN), which has stated that there is no deadline for the circulation of old Naira notes.
The CBN emphasised that these assertions are untrue and meant to create confusion within the nation’s payment system in a statement released by Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications.
According to the statement, “the Supreme Court’s order from November 29, 2023, extending the use of old banknotes indefinitely remains in force.” The CBN has directed all branches to continue issuing and accepting the old and redesigned Naira denominations, Mrs. Ali reaffirmed.
She emphasised that all Naira banknotes will continue to be legal tender indefinitely and asked the people to ignore any information to the contrary. In order to lessen their reliance on cash, the CBN also urged Nigerians to adopt digital payment options.
