Old naira notes not expiring in December – CBN

Abdullateef Fowewe

The Central Bank of Nigeria has dismissed reports that the old N200, N500, and N1,000 banknotes will cease to be legal tender by December 31, 2024.

CBN in a statement late Thursday by its Acting Director of Corporate Communications, Sidi Ali, denied these claims, stating they are false and intended to disrupt the country’s payment system.

Ali underlined that the Supreme Court ruling on November 29, 2023, allowing the old banknotes to remain in circulation indefinitely remains valid.

The statement enunciates, “The attention of the Central Bank of Nigeria (CBN) has been drawn to discussions at different fora suggesting that the old series of the N200, N500, and N1,000 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.”

Recall that the Supreme Court ordered that the old series of N200, N500, and N1,000 banknotes shall continue to be legal tender alongside the redesigned versions.

However, CBN urged the public to embrace alternative payment methods, such as electronic channels, to reduce reliance on physical cash.

“Accordingly, all banknotes issued by the Central Bank of Nigeria (CBN) will continue to remain legal tender indefinitely.

“We, therefore, advise members of the public to disregard suggestions that the said series of banknotes will cease to be legal tender on December 31, 2024. We urge Nigerians to continue to accept all Naira banknotes (old or redesigned) for their day-to-day transactions and handle them with the utmost care to safeguard and protect their lifecycle.

Furthermore, the general public is encouraged to embrace alternative modes of payment, e-channels, in order to reduce pressure on the use of physical cash,” it stressed.