The Central Bank of Nigeria (CBN) has reassured that the old ₦1,000, ₦500 and ₦200 naira banknotes currently in circulation are still valid as legal tender across the country.
The CBN in a statement by acting Director, Corporate Communications, Sidi Hakama Ali, said the Supreme Court order granted on 29th November 2023, allows the concurrent circulation of all versions of the ₦1000, ₦500, and ₦200 denominations of the naira indefinitely.
Join our WhatsApp Channel“For the avoidance of doubt, all versions of the naira, including the old and new designs of ₦1000, ₦500, and ₦200 denominations, as well as the commemorative and previous designs of the ₦100 denomination, remain valid and continue to be legal tender without any deadline.”
The apex bank advised members of the public to disregard any claims that old versions of the aforementioned naira banknotes will cease to be legal tender on 31st December 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,” the statement added.
It further encouraged bank users to embrace alternative modes of payment, such as e-channels, to reduce pressure on using physical cash.
READ ALSO: Cash Scarcity: CBN, Banks, PoS Operators Trade Blame
The CBN’s clarification was in response to rumours making the rounds that the old versions of ₦1,000, ₦500 and ₦200 denominations will be phased out by the end of the year. The rumour was also reinforced by concerns sparked by rising scarcity of cash nationwide despite the CBN’s directive to Nigerian banks to ensure the availability of cash in Automated Teller Machines.
Prime Business Africa recalls that during the administration of President Muhammadu Buhari, the CBN under the leadership of Godwin Emefiele, implemented naira redesign policy which led to minting of new ₦1000, ₦500, and ₦200 banknotes to replace the old versions. After setting a deadline of 31 January 2023, the CBN later extended it to February. However, the Supreme Court later ruled that the old Naira notes can co-exist with the new notes.
The CBN had also clarified in October 2024 that there is no deadline to the use of old naira notes.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
