|
Listen to article
|
In a recent statement, the Central Bank of Nigeria (CBN) confirmed that all naira notes, including both the newly issued and older versions of the ₦1000, ₦500, and ₦200 denominations, as well as the commemorative and prior designs of the ₦100 note, remain fully valid.
The bank emphasized that these notes will continue to be accepted without any imposed expiration date, providing clarity amid previous uncertainties surrounding currency use in the country.
The Central Bank of Nigeria (CBN), through a statement from its Acting Director of Corporate Communications, Mrs. Sidi Ali Hakama, sought to address recent confusion surrounding the status of the old ₦1000, ₦500, and ₦200 notes.
The statement reaffirmed that these notes remain valid, emphasizing that the clarification was necessary to counter the misinformation spreading about their legality.
The Central Bank of Nigeria (CBN) has urged Nigerians to ignore any circulating claims that the old ₦1000, ₦500, and ₦200 banknotes will no longer be accepted as legal tender after December 31, 2024. The apex bank reassured the public that these notes continue to be valid and in circulation without any deadline for discontinuation.
The statement reads, “The Central Bank of Nigeria (CBN) has observed the misinformation regarding the validity of the old ₦1000, ₦500, and ₦200 banknotes currently in circulation.
“In line with the Bank’s previous clarifications and to offer further assurance, the CBN wishes to reiterate that the subsisting Supreme Court ruling granted on November 29, 2023, permits the concurrent circulation of all versions of the ₦1000, ₦500, and ₦200 denominations of the Naira indefinitely.
Read also: Naira Appreciates Against Dollar For First Time In November
“For the avoidance of doubt, all versions of the naira, including the old and new designs of N1000, N500, and N200 denominations, as well as the commemorative and previous designs of the N100 denomination, remain valid and continue to be legal tender without any deadline.
“We, therefore, advise the public to disregard any claims that the old series of the aforementioned banknotes will cease to be legal tender on December 31, 2024. We urge Nigerians to continue accepting all Naira banknotes (both old and redesigned) for their daily transactions and to handle them with care to ensure their longevity.
“Furthermore, the general public is encouraged to embrace alternative modes of payment, such as e-channels, to reduce pressure on using physical cash.”
