The Central Bank of Nigeria (CBN) has reassured the public that both the old and redesigned naira notes will continue to serve as legal tender without any deadline.
In a statement on Friday, Hakama Sidi Ali, CBN’s acting director of corporate communications, addressed the ongoing misinformation concerning the validity of the old N1000, N500, and N200 banknotes currently in circulation.
Ali said the supreme court ruling of November 29, 2023, permits the concurrent use of all versions of the affected denominations indefinitely, dismissing any claims suggesting an expiration date
“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.