The Central Bank of Nigeria (CBN) has reassured Nigerians that there is no set deadline for the use of old Naira notes, contrary to widespread rumors. The bank addressed claims suggesting that the N200, N500, and N1,000 notes would no longer be legal tender by December 31, 2024.
In a statement released by Mrs. Hakama Sidi Ali, the Acting Director of Corporate Communications for the CBN, it was emphasized that the reports about the withdrawal of these old notes were false. The CBN clarified that these rumors were baseless and only aimed to create confusion within the country’s financial system.
“The order of the Supreme Court on November 29, 2023, extending the use of old banknotes indefinitely remains in force,” the statement confirmed. This legal ruling ensures that the old Naira notes will continue to circulate alongside the newly redesigned notes without any deadline in sight.
Mrs. Ali also mentioned that all branches of the CBN have been instructed to continue distributing and accepting both the old and new Naira notes. The bank remains committed to ensuring a smooth flow of currency throughout the country, preventing any disruption in the cash-based economy.
The CBN has also urged the public to disregard any misleading information suggesting that the old Naira notes will soon be phased out. Mrs. Ali reassured Nigerians that all Naira notes will retain their value as legal tender until further notice.
