The Central Bank of Nigeria (CBN) on Friday again restated the validity of old N1000, N500, and N200 banknotes for transactions.
The Acting Director, Corporate Communications Department of the apex bank, Mrs. Hakama Sidi Ali, in a statement, indicated that the clarification by the CBN became imperative based on the misinformation regarding the validity of the old N1000, N500, and N200 banknotes currently in circulation.
She stated that in line with the bank’s previous clarifications and to offer further assurance, the CBN wished to reiterate that the subsisting Supreme Court ruling granted on November 29, 2023, which legalized the concurrent circulation of all versions of the N1000, N500, and N200 denominations of the Naira indefinitely.
The director clarified: “For the avoidance of doubt, all versions of the naira, including the old and new designs of N1000, N500, and N200 denominations, as well as the commemorative and previous designs of the N100 denomination, remain valid and continue to be legal tender without any deadline.
“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.
“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 general public is encouraged to embrace alternative modes of payment, such as e-channels, to reduce pressure on using physical cash”, she added.
