The Central Bank of Nigeria (CBN) has officially reassured Nigerians that both the old and redesigned N1,000, N500, and N200 naira notes will remain legal tender indefinitely, dismissing rumors about a December 31 deadline for phasing out the old notes.
In a statement released on Friday, CBN’s Acting Director of Corporate Communications, Hakama Ali, confirmed that the clarification followed widespread misinformation regarding the validity of the old naira notes. The bank pointed to a Supreme Court ruling from November 29, 2023, which allowed for the concurrent circulation of both the old and new versions of the affected denominations without a set expiration date.
The CBN emphasized that all versions of the N1,000, N500, and N200 banknotes, including both the old and new designs, along with commemorative and previous designs of the N100 note, remain valid and continue to be legal tender. This ruling applies indefinitely, providing clarity and resolving concerns that the old notes would become invalid by the end of the year.
The Central Bank urged Nigerians to disregard any claims suggesting that the old series of these banknotes would cease to be accepted after December 31, stressing that all naira notes should continue to be used for everyday transactions.
Additionally, the CBN encouraged the public to explore alternative payment methods, such as electronic transactions, to reduce reliance on physical cash.
