The Central Bank of Nigeria (CBN) confirms there is no deadline for the continued use of old naira notes, providing clarity for citizens on currency circulation.
CBN spokesperson Sidi Ali Hakama revealed this in a statement on Thursday.
This follows speculations that the old naira notes will no longer be legal tender from December 31, 2024.
Emeraldloaded reports that the House of Representatives passed a resolution on Wednesday, adopting a motion urging the CBN to increase the circulation of the redesigned naira notes ahead of the December 31, 2024 deadline, referencing a current Supreme Court ruling on the issue.”
“However, the Central Bank of Nigeria (CBN) clarified that this claim is untrue.
The CBN emphasized that all banknotes remain legal tender.
“The Central Bank of Nigeria (CBN) has been made aware of discussions in various forums suggesting that the old series of N200, N500, and N1,000 banknotes will no longer be legal tender after December 31, 2024.
“We want to categorically state that these claims are false and intended to disrupt the country’s payment system.
“For clarity, the Supreme Court of Nigeria’s ruling on Wednesday, November 29, 2023, granting the Attorney-General of the Federation and Minister of Justice’s request to extend the use of old naira banknotes indefinitely, is still in effect.
“Additionally, the CBN’s directive for all its branches to continue issuing and accepting both old and redesigned denominations of Nigerian banknotes from deposit money banks (DMBs) remains in force.”
“It is important to remember that the Supreme Court ruled that the old series of N200, N500, and N1,000 banknotes will remain legal tender alongside the redesigned versions.
“Consequently, all banknotes issued by the Central Bank of Nigeria (CBN) will continue to be legal tender indefinitely.
“We therefore urge the public to ignore claims that these banknotes will no longer be valid as legal tender after December 31, 2024.”
“We encourage Nigerians to keep accepting all naira banknotes (both old and redesigned) for daily transactions and to handle them with care to ensure their longevity.
“Additionally, the public is urged to adopt alternative payment methods, such as e-channels, to alleviate the reliance on physical cash,” stated the CBN.
