The Central Bank of Nigeria (CBN) has reaffirmed that the old N1000, N500, and N200 banknotes are still valid and legal tender. This clarification comes after recent misinformation about the validity of these old currency denominations.
According to the CBN’s acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, the Supreme Court ruling of November 29, 2023, allows for indefinitely concurrently circulating all versions of these banknotes. This means that both the old and new designs of these denominations and the commemorative and previous designs of the N100 denomination remain valid without any deadline.
The CBN has urged the public to disregard claims that the old series of these banknotes will cease to be legal tender on December 31, 2024. Instead, Nigerians are advised to continue accepting all old and redesigned Naira banknotes for daily transactions and to handle them with care to ensure their longevity.
Furthermore, the CBN encourages the public to adopt alternative modes of payment, such as e-channels, to reduce the pressure on physical cash usage.
By: Mercy N.