National Telescope national telescope newspaper
The Central Bank of Nigeria (CBN) has announced that the old N200, N500, and N1,000 banknotes will remain valid indefinitely.
This clarification comes amid rumors that these notes would no longer be accepted as legal tender after December 31, 2024.
In a statement released on Thursday by Acting Director of Corporate Communications, Sidi Hakama, the CBN stressed that such claims are unfounded and could disrupt the nation’s payment system.
The bank reiterated that a Supreme Court order from November 29, 2023, allows for the continued use of these old notes.
The CBN emphasized its commitment to ensuring that both old and newly redesigned banknotes circulate freely in the economy. All branches of the CBN are directed to accept and issue all denominations, reinforcing that the Supreme Court’s ruling is still in effect.
Furthermore, the bank urged Nigerians to continue using both old and new naira notes for transactions and to handle them with care.
The CBN also recommended exploring alternative payment methods to reduce reliance on physical cash.
This announcement follows recent concerns over the status of old naira notes, with the House of Representatives previously urging the CBN to facilitate the gradual withdrawal of these notes while ensuring a steady supply of the new currency.
Nigerians are advised to disregard any misinformation regarding the validity of old naira notes and to remain aware of official communications from the CBN.
