No deadline for circulation of old naira notes – CBN

The Central Bank of Nigeria (CBN) has dispelled claims suggesting that the old series of the N200, N500, and N1,000 banknotes shall cease to be legal tender on December 31, 2024. The CBN made the clarification following media reports that it has fixed a deadline for the withdrawal of the old notes. In a release […]

The Central Bank of Nigeria (CBN) has dispelled claims suggesting that the old series of the N200, N500, and N1,000 banknotes shall cease to be legal tender on December 31, 2024.

The CBN made the clarification following media reports that it has fixed a deadline for the withdrawal of the old notes.

In a release by the Ag. Director of Corporate Communication, Hakama Sidi, the apex bank said: “We wish to state categorically that such claims are false and calculated to disrupt the country’s payment system.

 “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.

• Cost of governance: Tinubu limits ministers’ convoys to 3 vehicles
• Why Tinubu sacked Mamman, Uju, others

“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.”

Recall 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.

The apex bank advised members of the public to disregard suggestions that the said series of banknotes will cease to be legal tender on December 31, 2024.

It urged 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.

The bank also encouraged the public to embrace alternative modes of payment, e-channels, in order to reduce pressure on the use of physical cash.