Nigeria’s finance regulatory body, the Central Bank of Nigeria (CBN) has dismissed reports suggesting that the old N200, N500, and N1,000 banknotes will cease to be legal tender on December 31, 2024.
In an official statement issued on Thursday, and signed by the Acting Director of Corporate Communications, Sidi Ali Hakama, the CBN clarified that these claims are false and aimed at disrupting the country’s payment system.
The CBN’s clarification comes amidst widespread discussions regarding the status of old Naira banknotes, following the bank’s recent redesign initiative.
The statement reaffirmed that the Supreme Court’s ruling of November 29, 2023, extending the validity of the old Naira notes indefinitely remains in effect.
The Supreme Court granted the prayer of the Attorney-General of the Federation and Minister of Justice to allow the continued use of the old banknotes alongside the redesigned ones.
The CBN reiterated that its directive to all branches to continue accepting and issuing both old and redesigned Naira notes remains unchanged.
“All banknotes issued by the Central Bank of Nigeria (CBN) will continue to remain legal tender indefinitely,” the statement emphasised.
The Apex Bank encouraged Nigerians to disregard any suggestion that the old series of Naira banknotes will cease to be valid by the end of 2024.
The CBN also encouraged the public to handle all banknotes with care to protect their lifecycle and to embrace alternative payment methods, such as electronic channels, to reduce reliance on physical cash.
Earlier on Thursday, the House of Representatives had tasked CBN with the need to sensitise Nigerians about the non-legal tender status of the old naira notes from the 1st of January, 2025.
Leader of the Labour Party Caucus, Hon. Victor Ogene, in his lead debate said: “The House is aware that, going by the Supreme Court’s subsequent ruling and order, the N200, N500, and N1,000 notes shall cease to be legal tender, medium of exchange for goods and services in Nigeria, and shall also cease to be in circulation as from January 1, 2025.”
