The Central Bank of Nigeria (CBN) has clarified that the old N200, N500, and N1,000 banknotes will continue to be legal tender alongside the redesigned versions.
This was stated in contrast to claims that they will cease to be accepted on December 31, 2024.
In a Thursday statement, Sidi Ali Hakama, Acting Director of Corporate Communications, emphasized that the Supreme Court’s order on November 29, 2023, extends the use of old Naira banknotes indefinitely.
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CBN warned that claims suggesting a December 31, 2024 deadline are “false and calculated to disrupt the country’s payment system.”
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The bank’s directive to accept all banknotes, it emphasised, remains in force.
“We urge Nigerians to continue to accept all Naira banknotes (old or redesigned) for their day-to-day transactions and handle them with utmost care to safeguard and protect their lifecycle,” CBN advised.
Additionally, CBN encouraged the public to adopt alternative payment methods, such as e-channels, to reduce reliance on physical cash.
