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 to function as legal tender alongside their redesigned counterparts. Therefore, all banknotes issued by the CBN will remain valid indefinitely.

The CBN advises the public to disregard any suggestions that the specified banknotes will no longer be accepted after December 31, 2024. Nigerians are encouraged to continue accepting all Naira banknotes, whether old or redesigned, for their daily transactions. It is also important for the public to handle these notes with care to protect their longevity and usability.

In addition to cash transactions, the CBN urges the general public to consider embracing alternative payment methods, such as electronic channels, to alleviate the demand for physical cash. This transition to digital payments is aimed at promoting a more efficient and secure payment system across the nation.

The CBN's assurance reflects its commitment to maintaining stability within Nigeria's financial system and ensuring that citizens can confidently engage in transactions without the fear of sudden changes to the currency status. By reiterating the legal tender status of the old Naira notes, the CBN seeks to foster trust and encourage a seamless payment experience for all Nigerians.

In summary, the Central Bank of Nigeria reassures citizens that the old series of Naira banknotes will continue to be legal tender indefinitely, and urges the public to ignore misleading information regarding a supposed deadline for their circulation.