The Central Bank of Nigeria (CBN) has announced that old Naira notes of N200, N500, and N1,000 will remain valid.
CBN also refuted claims that the notes would cease to be legal tender by December 31, 2024.
In a statement released on Thursday by The acting Director of Corporate Communications, Sidi Hakama, the CBN emphasised that such reports are false and intended to disrupt the nation’s payment system.
The statement read, “The attention of the Central Bank of Nigeria has been drawn to discussions at different fora suggesting that the old series of the N200, N500, and N1,000 banknotes shall cease to be legal tender on December 31, 2024. We wish to state categorically that such claims are false and calculated to disrupt the country’s payment system.
“For the avoidance of doubt, the order of the Supreme Court of Nigeria on Wednesday, November 29, 2023, granting the prayer of the Attorney-General of the Federation and Minister of Justice to extend the use of old Naira banknotes ad infinitum, subsists.
“Similarly, the CBN’s directive to all its branches to continue to issue and accept all denominations of Nigerian banknotes, old and re-designed, to and from deposit money banks remains in force.”
“Accordingly, all banknotes issued by the Central Bank of Nigeria will continue to remain legal tender indefinitely,” the statement added.
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The Central Bank of Nigeria (CBN) has urged Nigerians to ignore claims that the old series of banknotes will no longer be valid by the end of 2024.
The CBN emphasized that both the old and redesigned naira notes remain acceptable for transactions and advised the public to handle the notes carefully to maintain their quality and longevity.
The bank also encouraged the adoption of alternative payment methods to reduce the reliance on physical cash. This statement comes in response to recent public speculation and concerns raised in the media about the validity of old naira notes.
Meanwhile, the House of Representatives had earlier called on the CBN to gradually withdraw the old naira notes and ensure sufficient availability of the new N200, N500, and N1,000 denominations.
The House also urged the CBN to direct commercial banks to conduct transactions with customers using the new naira notes, marking the beginning of the old currency’s phase-out.
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