Old naira notes remain valid indefinitely, says CBN
Contrary to claims at different quarters that the old naira notes would no longer be a legal tender by December 31, 2024, the Central Bank of Nigeria (CBN) has clarified that the old notes which include N200, N500, and N1,000 would remain valid indefinitely.
This was disclosed in a statement on Thursday by the CBN Acting Director of Corporate Communications, Sidi Hakama.
In the statement, the CBN described the claims as false and intended to disrupt the nation’s payment system.
This announcement is sequel to earlier public speculation and concern in the media over the validity of old naira notes.
“The attention of the Central Bank of Nigeria 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,” the statement said.
“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.”
“Accordingly, all banknotes issued by the Central Bank of Nigeria will continue to remain legal tender indefinitely,” the statement added.
“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 remains in force,” the bank said.
The apex bank restated its commitment to ensuring that all Nigerian banknotes, including both the old and redesigned series, remain in circulation.
It urged citizens to continue using both old and redesigned naira notes for transactions.
The bank also advised them to handle the notes with care to preserve their quality and lifespan.
The CBN equally encouraged the public to embrace alternative payment channels to ease the demand for physical cash.
Recall that the House of Representatives had hitherto tasked the apex bank to begin gradual withdrawal of old naira notes and ensure the availability of new notes in the N200, N500, and N1,000 denominations for Nigerians.
The House also urged the bank to instruct Money Deposit Banks to conduct transactions with their customers using the new naira notes, initiating the process of phasing out the old currency.
The resolution was against the backdrop of the adoption of a motion of urgent national importance, sponsored by Victor Ogene, the representative of Ogbaru Federal Constituency in Anambra State, during Thursday’s plenary session.
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