The Central Bank of Nigeria (CBN) has reaffirmed that the old N1000, N500, and N200 notes remain legal tender nationwide. This statement comes as the CBN seeks to address the ongoing confusion and clarify the status of the old banknotes, which are still circulating alongside the redesigned Naira denominations.
In a statement released on Friday by CBN spokesperson Hakama Sidi Ali, the bank emphasized that recent misinformation surrounding the validity of the old notes was misleading. The CBN reiterated that all Naira denominations, both old and redesigned, should be accepted for transactions across the country.
“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 said, seeking to put to rest any doubts about the currency’s legitimacy.
The CBN also addressed concerns about the N100 denomination, stating that both the commemorative and previous designs of the note remain valid. The statement dismissed rumors that the old notes would lose their legal tender status by December 31, 2024, assuring the public that they can continue using them for transactions.
Despite these reassurances, the country continues to face significant challenges with cash availability. Long queues persist at Automated Teller Machines (ATMs), with many Nigerians expressing frustration over the scarcity of physical currency. The situation has worsened in recent weeks, even as the CBN directed commercial banks to ensure a sufficient supply of cash to meet demand.
To ease the pressure and reduce the dependence on physical currency, the CBN urged Nigerians to embrace electronic payment methods. “The public is advised to utilize e-channels for transactions to minimize reliance on physical cash,” the bank advised, acknowledging the growing role of digital payments in the Nigerian economy.
This clarification from the CBN follows months of confusion stemming from the controversial Naira redesign policy introduced during the tenure of former CBN governor Godwin Emefiele. The policy, which led to a major cash crunch earlier in the year, generated widespread public unrest and protests, with many Nigerians struggling to access their funds.
The Supreme Court ruling in November 2023 had ruled that both the old and new Naira notes could continue to coexist, a decision that the current administration has upheld. However, despite the legal clarity, the CBN’s efforts to balance the old and new notes in circulation have not been without challenges.
