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The Central Bank of Nigeria has dismissed reports suggesting that the old N200, N500, and N1,000 banknotes will no longer be legal tender after December 31, 2024. The bank’s statement seeks to reassure the public and maintain confidence in the currency amid ongoing discussions about potential changes in the monetary system.
According to Sidi Hakama, the CBN’s acting Director of Corporate Communications, the Supreme Court’s November 29, 2023, mandate for the indefinite use of old naira banknotes remains in effect, as noted in a Thursday statement. This clarification aims to curb any confusion regarding the ongoing validity of the currency.
“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. 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.
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“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.”
In its latest directive, the Supreme Court has mandated that the old series of N200, N500, and N1,000 banknotes shall continue as legal tender alongside their redesigned counterparts, allowing Nigerians the flexibility to use either version. The ruling aims to prevent potential disruptions to trade and everyday commerce.
As a follow-up to the Supreme Court’s decision, the CBN announced that every banknote it has issued will stay valid as legal tender indefinitely, ensuring that older and new notes can be used without restriction.
“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. 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.
“Furthermore, the general public is encouraged to embrace alternative modes of payment, e-channels, in order to reduce pressure on the use of physical cash emphasised that such reports are false and intended to disrupt the nation’s payment system.”