The Central Bank of Nigeria (CBN) has reaffirmed that all versions of the naira, including the old and new designs of the N1000, N500, and N200 notes, as well as the commemorative and previous designs of the N100 note, remain valid legal tender without any expiration date.
In a statement released on Friday, Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications, debunked widespread claims of a December 31, 2024, deadline for using old banknotes, labeling them as misinformation.
The CBN emphasised that this clarification is in line with the Supreme Court’s ruling of November 29, 2023, which permits the indefinite concurrent circulation of all versions of these denominations.
“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 N1000, N500, and N200 denominations of the Naira indefinitely,” the statement read.
The apex bank urged Nigerians to disregard any contrary claims and to accept all naira banknotes for their daily transactions.
“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,” Mrs. Ali stated.
Additionally, the CBN encouraged the public to adopt alternative payment methods, such as electronic channels, to reduce dependence on physical cash.
This clarification by the CBN aims to quell confusion and ensure smooth economic activities amid the concurrent circulation of old and redesigned naira banknotes.
