In a decisive move to quell public confusion, the Central Bank of Nigeria (CBN) has announced that the old series of N200, N500, and N1,000 banknotes will remain valid indefinitely. This clarification directly counters recent claims that these notes would cease to be legal tender by December 31, 2024.
The CBN’s statement, issued on Thursday by Acting Director of Corporate Communications Sidi Hakama, emphasized that reports suggesting the old notes would expire are “false and calculated to disrupt the country’s payment system.” The bank seeks to reassure citizens amid rising concerns and misinformation.
“For the avoidance of doubt,” the CBN stated, “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.” This legal backing affirms the continuity of the old banknotes in circulation.
The central bank reiterated its commitment to ensuring all Nigerian banknotes, whether old or redesigned, remain in circulation. “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,” the statement highlighted.
Additionally, the CBN urged the public to disregard any claims that the old banknotes would become invalid. “Accordingly, all banknotes issued by the Central Bank of Nigeria will continue to remain legal tender indefinitely,” the bank clarified, aiming to restore public confidence in the currency system.
Citizens are encouraged to use both the old and new naira notes for transactions, with the CBN advising them to handle the notes with care to preserve their quality. The bank is also promoting alternative payment channels to ease the reliance on physical cash.
This announcement follows a wave of speculation in the media regarding the status of the old naira notes, prompting public concern. The House of Representatives had previously called on the CBN to initiate a gradual withdrawal of the old banknotes, ensuring that new notes in the N200, N500, and N1,000 denominations are readily available.
The resolution emerged after a motion of urgent national importance was sponsored by Victor Ogene, the representative of Ogbaru Federal Constituency in Anambra State, during Thursday’s plenary session. This highlights the increasing pressure on the CBN to manage the transition to new banknotes effectively.
