The Central Bank of Nigeria (CBN) has restated that the old N1000, N500, and N200 notes remain legal tender nationwide, emphasizing the concurrent circulation of old and redesigned denominations.
In a statement issued on Friday by CBN spokesperson Hakama Sidi Ali, the apex bank clarified that misinformation surrounding the validity of the old banknotes was misleading, urging the public to accept all Naira denominations for transactions.
“The Central Bank wishes to reiterate that the Supreme Court ruling of November 29, 2023, permits the continuous use of both old and redesigned versions of the N1000, N500, and N200 notes indefinitely,” the statement read.
The bank also noted that the commemorative and previous designs of the N100 denomination remain valid, dismissing claims that the old notes will cease to be legal tender by December 31, 2024.
Despite the reassurances, cash scarcity has intensified across the country, with long queues persisting at Automated Teller Machines (ATMs). The situation continues to frustrate Nigerians, despite the apex bank’s directive to commercial banks to ensure adequate cash supply.
To ease the pressure, the CBN encouraged Nigerians to embrace electronic payment methods, stating, “The public is advised to utilize e-channels for transactions to minimize reliance on physical cash.”
This clarification follows months of confusion stemming from the controversial Naira redesign policy introduced during the tenure of former CBN governor Godwin Emefiele. The Supreme Court had ruled that both old and redesigned banknotes could coexist, a directive still upheld by the current administration.
As cash scarcity worsens, Nigerians await tangible solutions to address the lingering challenges in accessing their funds.
Read the full statement below...
Quote
Press Release
CBN Reiterates Validity of Old Series of N1000, N500, and N200 Denominations
The Central Bank of Nigeria (CBN) has observed the misinformation regarding the validity of the old #1000, #500, and #200 banknotes currently in circulation.
In line with the Bank's previous clarifications and to offer further assurance, the CBN wishes to reiterate that the subsisting Supreme Court ruling granted on November 29, 2023, permits the concurrent circulation of all versions of the #1000, #500, and #200 denominations of the Naira indefinitely.
For the avoidance of doubt, all versions of the naira, including the old and new designs of N1000, N500, and N200 denominations, as well as the commemorative and previous designs of the N100 denomination, remain valid and continue to be legal tender without any deadline.
We, therefore, advise the public to disregard any claims that the old series of the aforementioned banknotes will cease to be legal tender on December 31, 2024. We urge Nigerians to continue accepting all Naira banknotes (both old and redesigned) for their daily transactions and to handle them with care to ensure their longevity.
Furthermore, the general public is encouraged to embrace alternative modes of payment, such as e-channels, to reduce pressure on using physical cash.
Hakama Sidi Ali (Mrs.)
December 13, 2024
Ag. Director, Corporate Communications
CBN Reiterates Validity of Old Series of N1000, N500, and N200 Denominations
The Central Bank of Nigeria (CBN) has observed the misinformation regarding the validity of the old #1000, #500, and #200 banknotes currently in circulation.
For the avoidance of doubt, all versions of the naira, including the old and new designs of N1000, N500, and N200 denominations, as well as the commemorative and previous designs of the N100 denomination, remain valid and continue to be legal tender without any deadline.
We, therefore, advise the public to disregard any claims that the old series of the aforementioned banknotes will cease to be legal tender on December 31, 2024. We urge Nigerians to continue accepting all Naira banknotes (both old and redesigned) for their daily transactions and to handle them with care to ensure their longevity.
Furthermore, the general public is encouraged to embrace alternative modes of payment, such as e-channels, to reduce pressure on using physical cash.
Hakama Sidi Ali (Mrs.)
December 13, 2024
Ag. Director, Corporate Communications
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