The Central Bank of Nigeria (CBN) has addressed the growing misinformation surrounding the validity of the old ₦1000, ₦500, and ₦200 banknotes still in circulation.
The Bank reiterated that all versions of these denominations, including both the old and new designs, remain legal tender indefinitely, following the Supreme Court ruling issued on November 29, 2023.
In a statement issued on Friday, which was signed by its Spokesperson, Sidi Hakama, the CBN explained that the ruling permits the concurrent circulation of all ₦1000, ₦500, and ₦200 notes without any expiration date.
The apex bank advised the public to disregard rumors suggesting that the old series would cease to be legal tender by December 31, 2024, and urged Nigerians to continue accepting all denominations of the Naira for transactions.
The Bank also reminded citizens to handle banknotes carefully to ensure their durability, while urging them to explore alternative payment methods, such as electronic channels, to reduce reliance on physical cash.
“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.
We, therefore, advise the public to disregard any claims that the old series of the aforementioned banknotes will cease to be legal tender on December 31, 2024. 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,” it stated.
