CBN reaffirms position on indefinite validity of old Naira notes

The Central Bank of Nigeria (CBN) on Friday told Nigerians to disregard all misinformation on the validity of the old Naira notes.

The apex bank was reacting to claims in some quarters that the old N200, N500, and N1,000 notes would cease to be legal tender on December 31.

The Supreme Court had in November 2023 ordered the indefinite use of the old Naira notes.

The apex bank ruled that both the old and the new banknotes remain valid legal tenders in the country beyond December 31, 2023.

A seven-man panel led by Justice Inyang Okoro said the banknotes should remain in circulation pending when the Federal Government, after due consultation with relevant stakeholders, takes a decision on the matter.

In a statement signed by its Acting Director of Corporate Communications, Mrs. Sidi Ali Hakama, the CBN insisted that all the Naira notes, as well as the commemorative and previous designs of the ₦100 denomination, would continue to be legal tender without any deadline.

The statement read: “The Central Bank of Nigeria (CBN) has observed the misinformation regarding the validity of the old ₦1000, ₦500, and ₦200 banknotes currently in circulation.

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“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 ₦1000, ₦500, and ₦200 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.

“We, therefore, advise the public to disregard any claims that the old series of the aforementioned banknotes will cease to be legal tender on December 31, 2024. We urge Nigerians to continue accepting all Naira banknotes (both old and redesigned) for their daily transactions and to handle them with care to ensure their longevity.

“Furthermore, the general public is encouraged to embrace alternative modes of payment, such as e-channels, to reduce pressure on using physical cash.”

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