The Central Bank of Nigeria (CBN) has issued a clarification stating that there is no deadline for the circulation of old Naira notes, dispelling rumors that the N200, N500, and N1,000 banknotes will cease to be legal tender by December 31, 2024.
In a statement released by Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications, the CBN emphasized that these claims are false and intended to create confusion within the country’s payment system.
“The order of the Supreme Court on November 29, 2023, extending the use of old banknotes indefinitely remains in force,” the statement noted. Mrs. Ali reiterated that the CBN has directed all branches to continue issuing and accepting both the old and redesigned denominations of the Naira.
She urged the public to disregard any misinformation suggesting otherwise, emphasizing that all Naira banknotes will remain legal tender indefinitely. Additionally, the CBN encouraged Nigerians to adopt digital payment methods to lessen reliance on cash.