The Central Bank of Nigeria (CBN) has clarified that claims suggesting the old series of N200, N500, and N1,000 banknotes will cease to be legal tender on December 31, 2024, are false.
This clarification follows media reports indicating that a deadline had been set for withdrawing these old notes.
In a statement by Hakama Sidi, the Acting Director of Corporate Communication, the CBN stated: “We wish to categorically affirm that such claims are misleading and intended to disrupt the country’s payment system.”
To clarify further, the order from the Supreme Court of Nigeria, issued on Wednesday, November 29, 2023, allows for the continued use of old naira banknotes indefinitely, as granted by the Attorney-General of the Federation and Minister of Justice.
Additionally, the CBN’s directive for all branches to continue issuing and accepting old and redesigned naira banknotes from deposit money banks (DMBs) still stands.
The Supreme Court ruled that the old N200, N500, and N1,000 banknotes will remain legal tender alongside the redesigned versions. Thus, all banknotes issued by the CBN will continue to be legal tender indefinitely.
The apex bank advises the public to disregard any claims that these banknotes will no longer be accepted after December 31, 2024.
Nigerians are encouraged to accept all old and redesigned naira banknotes for everyday transactions and to handle them carefully to protect their lifespan.
Furthermore, the bank recommends that the public explore alternative payment methods and electronic channels to alleviate the reliance on physical cash.
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 has debunked claims that old N200, N500, and N1,000 banknotes will cease to be legal tender on December 31, 2024, affirming their continued validity alongside redesigned notes.){kind=link}