Victoria Mbangwa
The Central Bank of Nigeria (CBN) has dispelled growing rumors about the impending invalidation of the old Naira notes, clarifying that the ₦1000, ₦500, and ₦200 denominations in circulation remain fully valid and legal tender.
This reassurance comes after circulating misinformation suggested that these notes would cease to be accepted after December 31, 2024.
Addressing the confusion, the CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, emphasized that the Supreme Court ruling issued on November 29, 2023, allows for the continued circulation of both old and new Naira notes indefinitely. This ruling, according to the CBN, permits the coexistence of both the redesigned and older banknotes without any expiration date.
She said, “The Central Bank of Nigeria has observed the misinformation regarding the
validity of the old ₦1000, ₦500, and ₦200 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 ₦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.”
In addition to reaffirming the validity of the old notes, the CBN also encouraged Nigerians to explore digital payment options, such as electronic channels, as part of efforts to ease pressure on physical cash transactions and to promote a more secure and efficient payment ecosystem.
“Furthermore, the general public is encouraged to embrace alternative modes of payment, such as e-channels, to reduce pressure on using physical cash.” She added.
