Saheed Ibrahim
Claim: Various news channels and social media pages reported that the House of Representatives said the old 200, 500, 1,000 naira notes would cease to be legal tender on December 31, 2024.
Full Text
In recent years, Nigeria has undergone significant changes in its currency, particularly with the introduction of redesigned naira notes.
In October 2022, the Central Bank of Nigeria (CBN) announced its decision to redesign the ₦200, ₦500, and ₦1,000 denominations, primarily to address issues related to counterfeiting, currency hoarding, and financial inclusivity.
The new banknotes were introduced in December 2022, but the initial plan of the CBN for a transition period where the old notes would be gradually phased out, was met with several challenges, including cash shortages and concerns about accessibility, leading to public outcry.
On November 29, 2023, the Supreme Court ruled that old and new naira notes would co-exist as legal tender until further notice.
But recently, a message began circulating on social media and various news outlets. It claimed that the Nigerian House of Representatives announced a new deadline for phasing out the old naira notes – December 31, 2024.
The claim was attributed to a member of the House of Representatives representing Ogbaru Federal Constituency, Anambra State, Victor Afam Ogene, who moved a motion entitled ‘Need for the CBN to sensitise Nigerians About the Non-legal Tender Status of Old Naira Notes from January 1 2025’. Ogene claimed that by the apex court’s judgement, the old naira notes “shall cease to be legal tender and shall also cease to be in circulation as from January 1, 2025.
He expressed worry that the CBN did not show any sign of sensitising Nigerians to make them prepare for the deadline of December 31, 2024.
The claim by Ogene resulted in several news headlines and social media posts that the old naira notes would cease to be valid by December 31, 2024. Such posts could be found here, here, here and here.
Given the virality of the claim and its relevance to the Nigerian socio-economic system, we conducted this fact-check to set the record straight.
Verification
We visited the website and social media pages of the Central Bank of Nigeria to confirm if the claim was true. We found that the CBN on October 24, 2024, through its X account, debunked the viral claim that old 200, 500 and 1,000 naira notes would cease to be legal tender in Nigeria.
The press release from the bank, signed by the Ag. Director of Corporate Communications, Mrs Sidi Ali Hakama, is titled “No Deadline On Circulation of Old Series of Naira Banknotes.
The CBN said the viral claim is false and intended to disrupt the nation’s payment system. It added that the old notes would remain legal tender indefinitely, given the verdict of the Supreme COurt of NIgeria on November 29, 2923.
The press release read: “The attention of the Central Bank of Nigeria has been drawn to discussions at different fora suggesting that the old series of the ₦200, ₦500, and ₦1,000 banknotes shall cease to be legal tender on December 31, 2024. We wish to state categorically that such claims are false and calculated to disrupt the country’s payment system.
“For the avoidance of doubt, the order of the Supreme Court of Nigeria on Wednesday, November 29, 2023, granting the prayer of the Attorney-General of the Federation and Minister of Justice to extend the use of old Naira banknotes ad infinitum, subsists.
“Similarly, the CBN’s directive to all its branches to continue to issue and accept all denominations of Nigerian banknotes, old and re-designed, to and from deposit money banks (DMBs) remains in force.”
Press Statement from the CBN
Meanwhile, The Punch newspaper reported that the House of Representatives member that moved the motion leading to the viral claim, Victor Afam Ogene, has admitted that he moved the motion in error.
Conclusion
The viral news that old 200, 500, 1,000 naira notes will cease to be legal tender on December 31, 2024 is false. The Central Bank of Nigeria debunked the claim, saying the notes remain valid indefinitely.