The Central Bank of Nigeria (CBN) has responded to recent misinformation regarding the validity of the old banknotes, specifically N1000, N500, and N200, which are still in circulation.
In a statement signed by Sidi Ali Hakama, the acting director of corporate communications, the CBN reaffirmed that these denominations remain valid legal tender in accordance with a Supreme Court ruling issued on November 29, 2023. This ruling allows for the indefinite circulation of all versions of the N1000, N500, and N200 denominations, which include both the old and redesigned notes, as well as the commemorative and earlier designs of the N100 denomination.
The CBN emphasized that there is no deadline for the use of these notes, urging the public to disregard any claims that suggest they will stop being legal tender by December 31, 2024. Additionally, the CBN encouraged Nigerians to accept all Naira banknotes for transactions and to handle them responsibly to maintain their quality. The bank also reiterated its call for increased adoption of alternative payment methods, such as electronic channels, to reduce reliance on physical cash.
Engineer, Entrepreneur, forex trader and Analyst
