The Central Bank of Nigeria (CBN) has confirmed the continued validity of the old N1,000, N500, and N200 notes, dismissing recent rumors suggesting their use would expire by December 31, 2024.
In a press release issued on Friday, the CBN, through its Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, clarified that the old notes will circulate indefinitely alongside the redesigned versions. The decision aligns with the Supreme Court’s ruling on November 29, 2023, which upheld the legal tender status of all naira denominations.
Clarification on Legal Tender
The apex bank emphasized that all denominations of the naira, including the commemorative N100 note and older versions, remain valid for everyday transactions without an expiry date. This measure aims to curb public confusion stemming from misinformation about the naira’s status.
The statement urged Nigerians to disregard claims that the old notes would be withdrawn from circulation, encouraging continued use of both old and new series of the currency. Citizens were also reminded to handle the notes with care to preserve their durability.
Promoting Financial Inclusion
In addition to clarifying the naira’s status, the CBN reiterated its commitment to promoting alternative payment channels, such as electronic transactions, to reduce reliance on physical cash. This aligns with the bank’s broader goal of advancing financial inclusion across the country.
The CBN’s reaffirmation provides assurance to Nigerians, dispelling lingering uncertainties and ensuring stability in the nation’s monetary system.
