Central Bank of Nigeria Clarifies Status of Old Naira Banknotes, says No Deadline for Circulation
The Central Bank of Nigeria (CBN) has issued a clarification regarding discussions circulating in various forums that the old series of N200, N500, and N1,000 banknotes will cease to be legal tender on December 31, 2024. The CBN categorically states that such claims are false and appear to be aimed at disrupting the country’s payment system. In a statement, signed by Sidi Ali, Hakama acting Director, Corporate Communications Central Bank of Nigeria, the regulator emphasized that the order from the Supreme Court of Nigeria, issued on November 29, 2023, grants the Attorney-General of the Federation and Minister of Justice the authority to extend the use of old Naira banknotes indefinitely. As a result, the CBN’s directive remains in effect, instructing all its branches to continue issuing and accepting both old and redesigned Naira banknotes for transactions with deposit money banks (DMBs). The Supreme Court has mandated that the old N200, N500, and N1,000 notes will continue
