Central Bank of Nigeria (CBN) has issued a clarification regarding the status of both old and redesigned naira notes, confirming that they will continue to be accepted as legal tender with no established deadline for their validity.
Gatekeepers News reports that Hakama Sidi Ali, the Acting Director of Corporate Communications at the CBN, in a statement released on Friday, addressed the current misinformation surrounding the acceptance of the old banknotes, specifically N1000, N500, and N200, which are still in circulation.
Ali emphasised that a supreme court ruling dated November 29, 2023, allows for the simultaneous use of all versions of the affected naira denominations indefinitely, refuting any claims suggesting that these notes will expire.
“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,” CBN said.
“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.”
She urged Nigerians to continue accepting all naira banknotes for daily transactions and to handle them with care to ensure their longevity.
Ali also advised the public to adopt alternative payment channels such as electronic banking channels to reduce the reliance on physical cash.
