CBN Clarifies Status of Old Naira Notes Amidst Controversy

•Old 200, 500, and 1000 Naira Notes to Remain Legal Tender Indefinitely

The Central Bank of Nigeria (CBN) has responded to the House of Representatives, stating that there is no deadline for the circulation of old 200, 500, and 1000 naira notes.

This clarification comes after the House directed the apex bank to begin a gradual withdrawal of these notes from circulation.

During a session on Thursday, Rep. Adam Victor Ogene (LP, Anambra) raised concerns about the potential chaos that could ensue from a sudden withdrawal of the old notes, reminiscent of the turmoil experienced during the CBN’s currency change in 2023.

He highlighted the hardships faced by Nigerians due to the scarcity of new notes and the lack of public awareness regarding the impending changes.

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“The Supreme Court ruled that the old notes shall cease to be legal tender from January 1, 2025. However, there has been no public sensitization from the CBN to prepare Nigerians for this change,” Ogene argued, warning of a repeat of the difficulties faced earlier.

In response, Sidi Ali, Ag. Director of Corporate Communications at CBN, dismissed claims of a fixed deadline, emphasizing that the Supreme Court had granted an indefinite extension for the use of old naira notes.

READ ALSO: Reps Criticize CBN Over Confusion Surrounding Old Naira Notes

The CBN confirmed that both old and redesigned banknotes will continue to be accepted for transactions.

“The directive to issue and accept all denominations of Nigerian banknotes remains in force. Members of the public should disregard rumors about the cessation of old notes on December 31, 2024,” the statement read.

The CBN also encouraged the public to utilize alternative payment methods to reduce reliance on cash, indicating a shift towards electronic transactions.