The Central Bank of Nigeria (CBN) has dismissed claims that the old N200, N500, and N1,000 banknotes will cease to be legal tender by December 31, 2024.
In a statement issued on Tuesday, CBN clarified that such reports are false and aimed at disrupting the nation’s payment system.
The CBN emphasized that the Supreme Court’s ruling on November 29, 2023, which extended the use of the old naira notes indefinitely, remains in effect. The apex bank reiterated its directive that all denominations of Nigerian banknotes—both old and redesigned—will continue to be issued and accepted by deposit money banks.
The public is advised to disregard any suggestion of a deadline for the use of the old naira notes and is encouraged to continue accepting them for everyday transactions. Additionally, Nigerians are urged to adopt alternative payment methods, such as e-channels, to reduce the pressure on cash usage.
Sidi Ali-Hakim, Director of Corporate Communications at the CBN, urged the public to handle all banknotes with care to protect their lifespan and reaffirmed the bank’s commitment to a smooth and efficient payment system.
