The Central Bank of Nigeria (CBN) has reaffirmed that the old and redesigned N1,000, N500, and N200 naira notes will remain legal tender indefinitely, debunking rumors of a December 31 deadline for the withdrawal of the old notes.
In a statement issued on Friday, Acting Director of Corporate Communications Hakama Ali clarified that the Supreme Court ruling of November 29, 2023, allows for the simultaneous circulation of all versions of these denominations without any expiration date.
“The Central Bank of Nigeria (CBN) has observed the misinformation regarding the validity of the old N1,000, N500, and N200 banknotes currently in circulation,” the statement said. “In line with the Bank’s previous clarifications and to offer further assurance, the CBN wishes to reiterate that the subsisting Supreme Court ruling granted on November 29, 2023, permits the concurrent circulation of all versions of the N1,000, N500, and N200 denominations of the naira indefinitely.”
The CBN emphasized that all versions of the naira, including the commemorative and previous designs of the N100 note, remain valid and should be accepted for transactions without any restrictions or deadlines.
The bank urged Nigerians to disregard claims suggesting the old series of the affected denominations would cease to be valid at the end of 2024.
It also encouraged the public to embrace alternative payment channels such as electronic transactions to minimize reliance on physical cash.
This clarification aims to eliminate confusion and ensure seamless transactions as the old and new notes continue to circulate side by side.
