Old naira notes remain valid indefinitely-CBN

The Central Bank of Nigeria (CBN) has announced that the old N200, N500, and N1,000 banknotes will continue to be accepted as legal tender indefinitely, countering rumors that these notes would no longer be valid after December 31, 2024.

In a statement issued on Thursday by Acting Director of Corporate Communications, Sidi Hakama, the CBN labeled such claims as misleading and potentially harmful to the nation’s payment system. The statement noted, “We have been made aware of various discussions suggesting that the old N200, N500, and N1,000 notes will become invalid on December 31, 2024. We want to clarify that these assertions are false and designed to disrupt the country’s financial operations.”

The CBN reiterated that the Supreme Court of Nigeria’s ruling on November 29, 2023, which supports the Attorney-General’s request for the indefinite use of old naira notes, remains in effect. The bank emphasized its dedication to ensuring both the old and new series of banknotes are available for use.

Additionally, the CBN confirmed that its directive for all branches to continue issuing and accepting both old and new denominations is still active. “All banknotes issued by the Central Bank of Nigeria will continue to be legal tender indefinitely,” the statement affirmed.

The bank urged the public to ignore any suggestions that old banknotes would become invalid by the end of 2024. It encouraged the continued use of both old and redesigned naira notes for transactions, advising citizens to handle the notes carefully to maintain their condition.

Furthermore, the CBN recommended that the public explore alternative payment methods to reduce reliance on physical cash. This announcement comes in response to growing speculation and concern regarding the status of old naira notes.

In a related development, the House of Representatives has urged the CBN to begin a gradual phase-out of old naira notes while ensuring that new notes in the N200, N500, and N1,000 denominations are readily available. They also called on the CBN to instruct commercial banks to conduct transactions using the new notes, marking the initiation of this transition. This motion was brought forth by Victor Ogene, the representative of Ogbaru Federal Constituency in Anambra State, during a plenary session on Thursday.