The Central Bank of Nigeria (CBN) has made fresh clarifications on the current status of old Naira notes.
Speaking on Friday in a statement released by Hakama Sidi Ali (Mrs.), CBN’s Acting Director of Corporate Communication, the apex bank reiterated that the Supreme Court ruling of November 29, 2023 on the concurrent circulation of all versions of the N1000, N500 and N200 notes would continue to hold.
The statement reads: “The Central Bank of Nigeria (CBN) has observed the misinformation regarding the validity of the old N1000, N500, and N200 banknotes currently in circulation.
“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 N1000, #500, and N200 denominations of the Naira indefinitely.
“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”.
The bank told the public to disregard any claims that the old banknotes would cease to be legal tender on December 31, 2024.
It said: “We urge Nigerians to continue accepting all Naira banknotes (both old and redesigned) for their daily transactions and to handle them with care to ensure their longevity.
“Furthermore, the general public is encouraged to embrace alternative modes of payment, such as e channels, to reduce pressure on using physical cash.”
