Old naira notes will remain in circulation indefinitely – CBN

Old naira notes will remain in circulation indefinitely – CBN

The Central Bank of Nigeria (CBN) has said the old N1,000, N500, and N200 banknotes still in circulation are valid and should be accepted by all.

In a statement issued on Friday, the CBN reiterated that the ruling of the Supreme Court on November 29, 2023, permitted the indefinite use of both the old and new designs of these banknotes.

The clarification comes after claims surfaced that the old Naira notes would cease to be legal tender by December 31, 2024.

However, the CBN, in a statement issued by Mrs. Hakama Sidi Ali, the Acting Director of Corporate Communications, emphasised that all versions of the N1,000, N500, and N200 denominations, including the old, new, and commemorative notes of the N100 denomination, remained valid and would continue to be accepted for transactions.

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The CBN has urged Nigerians to disregard any false claims suggesting an impending deadline for the old currency.

It further encouraged the public to continue using both the old and newly redesigned notes in their daily dealings and to handle them carefully to ensure they remain in circulation longer.

In addition, the central bank recommended the adoption of alternative payment methods, such as electronic channels, to ease the pressure on cash transactions and promote a more efficient financial system.

 

Old naira notes will remain in circulation indefinitely – CBN