The Central Bank of Nigeria (CBN) has announced that all Naira banknotes in circulation are valid as legal tender and will remain so indefinitely.
On Friday, Mrs. Sidi Ali Hakama, CBN’s Acting Director of Corporate Communications, emphasized that “all banknotes, including both old and new designs of ₦1,000, ₦500, and ₦200, are valid.”
Hakama urged everyone to ignore false information about the status of the old notes. She stated, “The Supreme Court ruling from November 29, 2023, allows the continuous use of all versions of the ₦1,000, ₦500, and ₦200 banknotes indefinitely.”
She added, “To be clear, all versions of the Naira, including old and new designs of ₦1000, ₦500, and ₦200 denominations, remain valid. This also includes commemorative and previous designs of the ₦100 denomination.”
Hakama advised people to dismiss claims that the old banknotes will cease to be legal tender after December 31, 2024.
“We encourage the public to keep using all Naira banknotes, both old and redesigned, for daily transactions,” she said.
She encouraged Nigerians to explore alternative payment options like e-channels to lessen their reliance on cash.
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