The Central Bank of Nigeria (CBN) has informed the public that the old and redesigned naira notes will continue to be legal tender with no deadline.
Hakama Sidi Ali, CBN‘s acting director of corporate communications, addressed the persistent misunderstanding over the authenticity of the old N1000, N500, and N200 banknotes that are now in circulation on Friday.
According to Ali, the Supreme Court‘s order on November 29, 2023, allows for the indefinite concurrent use of all versions of the relevant currencies, dismissing any allegations of an expiration date.
CBN said:
“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.”
“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.”
She advised Nigerians to continue accepting all naira banknotes for daily transactions and to treat them with caution to preserve their durability.
Ali also encouraged the public to use alternate payment channels, such as electronic banking, to minimise their dependency on physical currency.