The Central Bank of Nigeria (CBN) says Nigerians should dismiss allegations that outdated naira notes will no longer be legal money on December 31, 2024.
In a statement on Thursday, Sidi Ali, Hakama’s interim director of corporate communications, stated that the former series of N200, N500, and N1,000 banknotes will remain legal tender on November 29, 2023, as ruled by the Supreme Court.
The House of Representatives previously said that outdated naira notes would cease to be legal money on December 31, 2024.
However, the CBN stated that its mandate to all of its branches to continue issuing and accepting all banknotes—old and new—to and from banks remained in effect.
CBN said:
“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.
“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.
“It will be recalled that the Supreme Court ordered that the old series of N200, N500, and N1,000 banknotes shall continue to be legal tender alongside the redesigned versions. Accordingly, all banknotes issued by the Central Bank of Nigeria (CBN) will continue to remain legal tender indefinitely.”
The CBN recommended Nigerians to continue accepting all naira banknotes, whether old or new, for everyday transactions.
“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.”
CBN also urged the general public to adopt alternate payment methods, such as e-channels, in order to lessen reliance on physical currency.