By Damilare Adeleye
The Central Bank of Nigeria (CBN) has dispelled insinuations that that the N200, N500, and N1,000 banknotes will cease to be legal tender by December 31, 2024.
In a statement issued by Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications, the CBN stressed that the claims are false and intended to cause confusion as there is no deadline for the circulation of old naira notes.
“The order of the Supreme Court on November 29, 2023, extending the use of old banknotes indefinitely remains in force,” the statement read.
Mrs. Ali reiterated that the CBN has instructed all branches to continue issuing and accepting both the old and redesigned denominations of the Naira.
She urged the public to disregard any information suggesting otherwise, emphasizing that all Naira banknotes will remain legal tender indefinitely. The CBN also encouraged Nigerians to embrace digital payment methods to reduce dependency on cash.
The statement read, “The attention of the Central Bank of Nigeria (CBN) 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 (DMBs) remains in force. It will be recalled that the Supreme Court ordered that the old series of N200, N500, and N1,000 banknotes shall continue to be legal tender alongside the redesigned versions.
“Accordingly, all banknotes issued by the Central Bank of Nigeria (CBN) will continue to remain legal tender indefinitely. We, therefore, advise members of the public to disregard suggestions that the said series of banknotes will cease to be legal tender on December 31, 2024.
“We urge Nigerians to continue to accept all Naira banknotes (old or redesigned) for their day-to-day transactions and handle them with the utmost care to safeguard and protect their lifecycle.
“Furthermore, the general public is encouraged to embrace alternative modes of payment, channels, in order to reduce pressure on the use of physical cash.”