Yemi Cardoso CBN Governor
October 25, 2024
The Central Bank of Nigeria has refuted reports that the old N200, N500, and N1,000 banknotes will cease to exist as legal tender by December 31, 2024.
The Apex bank in a statement on Thursday by the acting Director of Corporate Communications, Sidi Hakama, noted that the order of the Supreme Court of Nigeria on Wednesday, November 29, 2023, to extend the use of old naira banknotes still holds indefinitely.
“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 (DMBs) remains in force.”
The Supreme Court ordered that the old series of N200, N500, and N1,000 banknotes will continue to be legal tender alongside the redesigned versions.
Accordingly, the CBN said all banknotes issued by it will continue to remain legal tender indefinitely.
“Furthermore, the general public is encouraged to embrace alternative modes of payment, e-channels, in order to reduce pressure on the use of physical cash emphasised that such reports are false and intended to disrupt the nation’s payment system.
“We, therefore, advise members of the public to disregard suggestions that the said series of banknotes will cease to be legal tender on December 31, 2024. We urge Nigerians to continue to accept all Naira banknotes (old or redesigned) for their day-to-day transactions and handle them with the utmost care to safeguard and protect their lifecycle.
