The Central Bank of Nigeria (CBN) has refuted reports suggesting that the old series of N200, N500, and N1,000 banknotes will cease to be legal tender by December 31, 2024.
In a statement released on Thursday, the CBN, through its acting Director of Corporate Communications, Sidi Hakama, confirmed that the Supreme Court’s order extending the use of the old naira notes indefinitely still stands.
The CBN emphasized that discussions in various forums about the discontinuation of these notes were false and intended to create confusion in the nation’s payment system.
“The attention of the Central Bank of Nigeria (CBN) 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 CBN 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.
“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 (DMBs) remains in force.
“It will be recalled that the Supreme Court ordered that the old series of N200, N500, and N1,000 banknotes shall continue to be legal tender alongside the redesigned versions. Accordingly, all banknotes issued by the Central Bank of Nigeria (CBN) will continue to remain legal tender indefinitely.”
CBN advised Nigerians to continue to accept all naira banknotes — old or redesigned — for their day-to-day transactions.
“We, therefore, advise members of the public to disregard suggestions that the said series of banknotes will cease to be legal tender on December 31, 2024,” the apex bank said.
“We urge Nigerians to continue to accept all Naira banknotes (old or redesigned) for their day-to-day transactions and handle them with the utmost care to safeguard and protect their lifecycle.”
