The Central Bank of Nigeria (CBN) has reaffirmed that all versions of the naira, including the old and new designs of ₦1000, ₦500, and ₦200 denominations, as well as the commemorative and previous designs of the ₦100 denomination, remain valid and continue to be legal tender without any deadline.
In a statement signed by its Acting Director, Corporate Communications, Mrs. Sidi Ali Hakama, the CBN noted that the reiteration is to address misinformation regarding the validity of the old ₦1000, ₦500, and ₦200 banknotes currently in circulation.
“The Central Bank of Nigeria (CBN) has observed the misinformation regarding the validity of the old ₦1000, ₦500, and ₦200 banknotes currently in circulation,” the statement reads.
“In line with the Bank’s previous clarifications and to offer further assurance, the CBN wishes to reiterate that the subsisting Supreme Court ruling granted on November 29, 2023, permits the concurrent circulation of all versions of the ₦1000, ₦500, and ₦200 denominations of the Naira indefinitely.”
The CBN emphasized that all versions of the naira remain valid and continue to be legal tender without any deadline. “For the avoidance of doubt, all versions of the naira, including the old and new designs of ₦1000, ₦500, and ₦200 denominations, as well as the commemorative and previous designs of the ₦100 denomination, remain valid and continue to be legal tender without any deadline.”
The apex bank advised the public to disregard any claims that the old series of the aforementioned banknotes will cease to be legal tender on December 31, 2024. “We, therefore, advise the public to disregard any claims that the old series of the aforementioned banknotes will cease to be legal tender on December 31, 2024.”
The CBN urged Nigerians to continue accepting all naira banknotes (both old and redesigned) for their daily transactions and to handle them with care to ensure their longevity. “We urge Nigerians to continue accepting all Naira banknotes (both old and redesigned) for their daily transactions and to handle them with care to ensure their longevity.”
Furthermore, the CBN encouraged the general public to embrace alternative modes of payment, such as e-channels, to reduce pressure on using physical cash. “Furthermore, the general public is encouraged to embrace alternative modes of payment, such as e-channels, to reduce pressure on using physical cash.”
