The Central Bank of Nigeria (CBN) has confirmed that all versions of the naira, including the old and new N1000, N500, and N200 notes, as well as the commemorative and previous designs of the N100 note, remain valid legal tender with no expiration date.
In a statement issued on Friday, Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications, dismissed widespread rumors suggesting a December 31, 2024, deadline for using the old banknotes, calling them false information.
The CBN reiterated that this clarification is in accordance with the Supreme Court’s ruling on November 29, 2023, which allows for the indefinite concurrent circulation of all versions of these denominations.
“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 N1000, N500, and N200 denominations of the Naira indefinitely,” the statement read.
The apex bank urged Nigerians to disregard any contrary claims and to accept all naira banknotes for their daily transactions.
“We urge Nigerians to continue accepting all Naira banknotes (both old and redesigned) for their daily transactions and to handle them with care to ensure their longevity,” Mrs. Ali stated.
The CBN also urged the public to embrace alternative payment methods, such as electronic channels, to lessen reliance on physical cash.
This clarification by the CBN is intended to eliminate confusion and facilitate smooth economic activities amid the ongoing circulation of both old and redesigned naira banknotes.
