The CBN confirms old Naira notes remain legal tender with no set deadline for circulation, urging the public to disregard closure rumours.
The Central Bank of Nigeria (CBN) has addressed widespread rumours regarding the cessation of old Naira notes, affirming that the old N200, N500, and N1000 denominations will continue to circulate indefinitely.
CBN spokesperson Sidi Ali Hakama made this clarification on Thursday, following a surge in speculation suggesting the notes would no longer be legal tender from 31 December 2024.
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According to the CBN’s statement, these claims are unfounded and disruptive to Nigeria’s payment system.
Hakama reassured Nigerians, referencing a November 2023 ruling by the Supreme Court, which upheld the indefinite validity of the old series of banknotes alongside the redesigned ones.
“For the avoidance of doubt, the order of the Supreme Court of Nigeria…to extend the use of old Naira banknotes ad infinitum, subsists,” Hakama stated.
The apex bank stressed that its branches will continue to issue and accept all denominations of Nigerian banknotes, both old and redesigned, in transactions with deposit money banks.
This stance aligns with the Supreme Court’s ruling, reinforcing that all CBN-issued notes remain legal tender.
Additionally, the CBN encouraged the public to handle banknotes responsibly to preserve their durability and embrace digital transactions to ease cash handling pressures.
In response to the speculation, Hakama urged Nigerians to disregard false reports of a December deadline and to confidently continue using all banknotes for daily transactions.
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