The Central Bank of Nigeria (CBN) has announced that the old N200, N500, and N1,000 naira notes will remain valid indefinitely, refuting claims that these denominations would cease to be legal tender by December 31, 2024. In a statement issued on Thursday by the acting Director of Corporate Communications, Sidi Hakama, the CBN clarified that reports suggesting the discontinuation of the old notes by the end of 2024 are false and aimed at creating confusion within Nigeria’s payment system. “The attention of the Central Bank of Nigeria has been drawn to discussions suggesting that the old series of the N200, N500, and N1,000 banknotes will cease to be legal tender on December 31, 2024. We categorically state that such claims are untrue and meant to disrupt the country’s payment system,” the statement said.
The CBN further emphasized that the Supreme Court’s November 29, 2023, order extending the use of old naira banknotes indefinitely remains in effect. This ruling came after the Attorney-General of the Federation sought legal clarification on the continued validity of the old naira notes. The bank reassured Nigerians that all denominations of the old and redesigned naira notes will continue to be issued and accepted across the country. “The CBN’s directive to all its branches to continue issuing and accepting all denominations of Nigerian banknotes remains valid,” the statement added. Additionally, the CBN called on the public to ignore false reports regarding the old notes’ expiration and to continue using both old and redesigned notes for transactions. The bank also advised citizens to treat naira notes with care to maintain their quality and longevity.
This announcement comes amidst earlier media speculation over the future of the old naira notes and discussions in the House of Representatives about their gradual withdrawal. Despite calls from some lawmakers to phase out the old notes, the CBN’s position remains that the old notes will remain in circulation alongside the new designs.