Naira Notes Validity: CBN Dismisses Dec 31 Deadline Rumors

No Deadline for Old Naira Notes

“We wish to state categorically that such claims are false and calculated...”

The Central Bank of Nigeria (CBN) has clarified that old N200, N500, and N1,000 notes remain valid beyond December 31.

The Central Bank of Nigeria (CBN) has clarified that the old N200, N500, and N1,000 naira notes will remain legal tender beyond December 31, 2024. This announcement comes after the House of Representatives suggested that the old notes would cease to be legal tender by the end of the year.

According to Sidi Ali Hakama, the CBN's acting Director of Corporate Communications, the Supreme Court's order of November 29, 2023, extends the use of the old naira notes indefinitely. The CBN has emphasized that discussions about discontinuing these notes are false and aim to disrupt the nation's payment system.

Pointers:

Old Naira Notes Remain Legal Tender: The CBN confirms that the old series of N200, N500, and N1,000 banknotes will continue to be accepted indefinitely.

Supreme Court Order: The Supreme Court's order of November 29, 2023, extends the use of the old naira notes indefinitely.

CBN Directive: The CBN's directive to issue and accept all denominations of Nigerian banknotes, old and re-designed, remains in force.

Public Advisory: The CBN advises Nigerians to disregard suggestions that the old notes will cease to be legal tender by December 31, 2024.

The CBN urges Nigerians to continue accepting all naira banknotes, old or redesigned, for daily transactions and to handle them with care to safeguard their lifecycle.

“The attention of the Central Bank of Nigeria (CBN) has been drawn to discussions at different fora suggesting that the old series of the N200, N500, and N1,000 banknotes shall cease to be legal tender on December 31, 2024,” the statement said.

“We wish to state categorically that such claims are false and calculated to disrupt the country's payment system.

“For the avoidance of doubt, 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.

“Similarly, 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 (DMBs) remains in force.

“It will be recalled that the Supreme Court ordered that the old series of N200, N500, and N1,000 banknotes shall continue to be legal tender alongside the redesigned versions. Accordingly, all banknotes issued by the Central Bank of Nigeria (CBN) will continue to remain legal tender indefinitely.

“We, therefore, advise members of the public to disregard suggestions that the said series of banknotes will cease to be legal tender on December 31, 2024,” the apex bank said.

“We urge Nigerians to continue to accept all Naira banknotes (old or redesigned) for their day-to-day transactions and handle them with the utmost care to safeguard and protect their lifecycle.”