The Central Bank of Nigeria (CBN) has categorically refuted ongoing claims suggesting that the old N200, N500, and N1,000 naira banknotes will no longer be legal tender after December 31, 2024. In a recent press release, the apex bank emphasized that these assertions are unfounded and appear to be aimed at creating unnecessary panic within the country's payment system.
The CBN clarified that the Supreme Court of Nigeria's ruling on November 29, 2023, which granted an indefinite extension for the use of the old naira banknotes, remains valid. This ruling followed a request from the Attorney-General of the Federation and Minister of Justice. In line with the Supreme Court's directive, the CBN continues to instruct its branches to issue and accept all denominations of naira banknotes—both old and redesigned—across deposit money banks (DMBs).
Reiterating the bank's position, the CBN urged Nigerians to disregard any suggestions that the old naira series will cease to be legal tender by the end of 2024. It assured the public that all naira banknotes, including the old N200, N500, and N1,000 notes, will remain in circulation alongside the redesigned versions indefinitely.
The CBN further encouraged the public to adopt alternative payment methods, including electronic channels, to alleviate the pressure on cash transactions. The bank also stressed the importance of handling naira notes with care to extend their lifecycle.
The Acting Director of Corporate Communications, Mrs. Sidi Ali Hakama, reassured citizens that the CBN remains committed to ensuring a seamless and stable payment system, dismissing any contrary reports as baseless.
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