The Central Bank of Nigeria has stated that the old series of N200, N500, and N1,000 banknotes will remain valid indefinitely.
This comes after the reports that the old notes would cease to be legal tender by December 31, 2024, following the House of Representatives resolution urging the CBN to begin the gradual withdrawal of old naira notes and ensure the availability of new notes in the N200, N500, and N1,000 denominations for Nigerians.
The apex bank in a statement released on Thursday signed by the acting Director of Corporate Communications, Sidi Hakama, emphasised that such reports are false and intended to disrupt the nation’s payment system.
The statement read, “The attention of the Central Bank of Nigeria 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 remains in force,” the apex bank noted in its statement.
The bank reminded the public that the Supreme Court’s order for the continued use of old naira notes alongside the redesigned versions is still in effect.
“Accordingly, all banknotes issued by the Central Bank of Nigeria will continue to remain legal tender indefinitely,” the statement added.
The House of Representatives had earlier on Thursday called on the CBN to begin the gradual withdrawal of old naira notes and ensure the availability of new notes in the N200, N500, and N1,000 denominations for Nigerians.
The House also urged the apex bank to instruct Money Deposit Banks to conduct transactions with their customers using the new naira notes, initiating the process of phasing out the old currency.
This resolution came after the adoption of a motion of urgent national importance, sponsored by Victor Ogene, the representative of Ogbaru Federal Constituency in Anambra State, during Thursday’s plenary session.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
