In a statement released on Friday and signed by Acting Director of Corporate Communications, Sidi Ali Hakama, the CBN confirmed that all Deposit Money Banks (DMBs) are instructed to continue accepting and issuing the old naira notes.
The statement emphasized that any claims suggesting otherwise are false and aimed at disrupting the nation’s payment system.
“The attention of the Central Bank of Nigeria (CBN) has been drawn to discussions at different forums suggesting that the old series of N200, N500, and N1,000 banknotes shall cease to be legal tender on December 31, 2024. We wish to state categorically that such claims are false and calculated to disrupt the country’s payment system.
“For clarity, the Supreme Court of Nigeria, on Wednesday, November 29, 2023, ruled in favor of the Attorney-General of the Federation and Minister of Justice to extend the use of old naira banknotes indefinitely.
“In line with this, the CBN has instructed all branches to continue issuing and accepting all denominations of Nigerian banknotes, old and redesigned, through Deposit Money Banks (DMBs).
“Following the Supreme Court’s order, the old N200, N500, and N1,000 banknotes will continue to be legal tender alongside the redesigned versions. Consequently, all banknotes issued by the Central Bank of Nigeria (CBN) will remain valid indefinitely.
“We advise the public to ignore any suggestion that these banknotes will cease to be legal tender on December 31, 2024. Nigerians are encouraged to accept all naira banknotes (old or redesigned) for daily transactions and to handle them with care to extend their lifespan.
“Furthermore, the public is encouraged to adopt alternative payment methods, including electronic channels, to ease the pressure on physical cash usage,” the statement concluded.
