The Central Bank of Nigeria (CBN) has debunked some discussions at public fora insinuating that it has set December 31 this year for the withdrawal of old N200, N500, and N1,000 banknotes, saying that there are no plans to do so.
The Acting Head, Corporate Communications Department of the apex bank, Mrs. Hakama Sidi Ali, categorically stated on Thursday that such claims were false and calculated to disrupt the country’s payment system.
Citing the order of the Supreme Court of Nigeria on Wednesday, November 29, 2023, which granted the prayer of the Attorney-General of the Federation and Minister of Justice to extend the use of old Naira banknotes ad infinitum, to justice the apex bank management’s stance, the spokesman maintained that the judgment of the apex still subsisted.
She clarified: “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.
“It will be recalled that the Supreme Court ordered that the old series of N200, N500, and N1,000 banknotes shall continue to be legal tender alongside the redesigned versions.
“Accordingly, all banknotes issued by the Central Bank of Nigeria (CBN) will continue to remain legal tender indefinitely. 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.
“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”, Sidi Ali added.
