By Asuquo Cletus
The Central Bank of Nigeria has clarified that the old series of N200, N500, and N1,000 banknotes will remain valid indefinitely, refuting claims that the notes would cease to be legal tender on December 31st 2024.
In a statement issued on Thursday by The acting Director of Corporate Communications, Hakama Sidi Ali the CBN emphasised that such reports are false.
It reads “The central Bank of Nigeria (CBN) had observed the misinformation regarding the validity of the old N1000, N500, and N200 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 N200, N500, and N1000 denominations of the Naira indefinitely.
“For the avoidance of doubt, all versions of the naira, including the old and new designs of N1090, 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 to accepting all naira notes for their daily transactions.”
The apex bank also encouraged citizens to embrace alternatives modes of payments to reduce the pressure on using physical cash.
