The Central Bank of Nigeria (CBN) has officially refuted claims that the old N200, N500, and N1,000 banknotes will cease to be legal tender by December 31, 2024.
CBN’s Acting Director of Corporate Communications, Sidi Hakama, emphasized that these rumors are false and intended to disrupt the nation’s financial system.
This clarification follows a recent resolution from the House of Representatives urging the CBN to phase out the old notes and increase the issuance of new denominations. However, the CBN reiterated that there is no deadline for the circulation of old naira notes, as confirmed by a Supreme Court ruling on November 29, 2023. This ruling allows for the indefinite use of old banknotes alongside redesigned ones.
Hakama urged Nigerians to continue using both old and new naira notes for daily transactions and handle them with care to maintain their quality. The CBN also encouraged citizens to adopt alternative payment methods to reduce reliance on physical cash.
The controversy surrounding the currency redesign began in October 2022, leading to significant economic hardship and legal challenges against the government. The Supreme Court previously ruled in favor of maintaining the old notes until proper consultations were made regarding their retirement.
The CBN reassured the public that all Nigerian banknotes remain valid indefinitely, urging them to disregard any misinformation regarding their expiration.
