The Central Bank of Nigeria (CBN) has confirmed that old N200, N500, and N1,000 banknotes will remain in circulation indefinitely, refuting widespread rumors suggesting they would cease to be legal tender after December 31, 2024. In a statement issued Thursday, CBN spokesperson Sidi Ali Hakama clarified that the rumors are unfounded and may be aimed at causing disruption within Nigeria’s payment systems.
"The attention of the Central Bank of Nigeria has been drawn to claims that the old series of the N200, N500, and N1,000 banknotes will be withdrawn by December 31, 2024," Hakama stated. "We categorically affirm that these claims are false. All banknotes remain legal tender, in compliance with the Supreme Court order issued on November 29, 2023, which authorized the continued use of both old and redesigned notes indefinitely."
The CBN reiterated its commitment to issuing and accepting both old and redesigned notes across all branches and deposit money banks. The clarification follows the Supreme Court’s ruling in favor of extended use for these notes, stating they are to circulate alongside the newer versions.
The CBN urged the public to continue using all denominations of Naira for transactions, highlighting the importance of handling the notes carefully to extend their lifecycle. It further encouraged the adoption of electronic payment methods to alleviate demand for physical cash.
With this statement, the CBN aims to dispel confusion and assure Nigerians that there is no impending deadline for the old currency series, emphasizing the stability and continuity of the nation’s currency system.
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