The Central Bank of Nigeria (CBN) has reaffirmed the validity of the old Naira notes. It was reported last night that the old notes would be illegal to use as legal money at the end of this year. However, the apex bank, through its Ag. Director of Corporate Communications, Mrs. Hakama Sidi Ali, denied the claim as false.
Mrs. Sidi Ali stated that “The Central Bank of Nigeria has observed misinformation regarding the validity of the old ₦1000, ₦500, and ₦200 banknotes currently in circulation.” The Central Bank of Nigeria (CBN) confirms that the Supreme Court ruling from November 29, 2023 allows for the indefinite circulation of all versions of the ₦1000, ₦500, and ₦200 Naira denominations.
To minimise confusion, all variants of the naira, including the old and new designs of N1000, N500, and N200 denominations, as well as the commemorative and prior The designs for the N100 denomination remain valid and legal tender with no deadline.
We thus warn the public to reject any assertions that the old series of the aforementioned banknotes would cease to be legal tender on December 31, 2024. We urge Nigerians to continue accepting all Naira banknotes (old and redesigned) for daily transactions and to handle them with caution to preserve their durability.
Furthermore, the general population is encouraged to use alternate payment methods, such as e-channels, to lessen reliance on physical cash.
