Nigeria’s Central Bank Dispels Rumors on Naira Banknotes Deadline
In response to recent speculation surrounding the validity of old Naira banknotes, the Central Bank of Nigeria (CBN) has reassured the public that there is no deadline for the circulation of the old N200, N500, and N1000 banknotes. This clarification has put to rest concerns that these notes would cease to be legal tender from December 31, 2024.
According to a statement released by the CBN spokesperson, Sidi Ali Hakama, on Thursday, the apex bank has declared that all banknotes remain legal tender. “We wish to state categorically that such claims are false and calculated to disrupt the country’s payment system,” emphasized the CBN.
The CBN also drew attention to the Supreme Court’s order on November 29, 2023, which extended the use of old Naira banknotes indefinitely. The bank underscored that its directive to continue issuing and accepting all denominations of Nigerian banknotes, both old and redesigned, remains in force. This clarification reinforces the Supreme Court’s decision that the old series of banknotes will remain legal tender alongside the redesigned versions.
To address any lingering doubts, the CBN urged the public to disregard suggestions that the old banknotes will cease to be valid on December 31, 2024. Instead, Nigerians are encouraged to continue accepting all Naira banknotes for daily transactions and to handle them with care to extend their lifecycle.
In an effort to reduce the pressure on physical cash, the public is also encouraged to explore alternative payment methods, such as e-channels. By promoting these digital payment options, the CBN hopes to streamline the country’s payment system and mitigate any potential disruptions.
As Nigeria navigates the transition to new banknotes, the CBN’s clarification provides reassurance that the old notes will remain in circulation for the foreseeable future. This move is expected to maintain stability in the country’s financial system and ensure that all Nigerians can continue to use their banknotes with confidence.
