The Central Bank of Nigeria has put to rest the controversy surrounding the validity of old ₦1000, ₦500, and ₦200 notes, stating that they remain legal tender without any deadline.
In a statement signed by its Acting Director, Corporate Communications, Sidi Ali Hakama, the CBN noted that the subsisting Supreme Court ruling granted on November 29, 2023, permits the concurrent circulation of all versions of the ₦1000, ₦500, and ₦200 denominations of the Naira indefinitely.
The apex bank advised the public to disregard any claims that the old series of banknotes will cease to be legal tender on December 31, 2024.
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“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,” the statement reads partly.
The CBN also encouraged the general public to embrace alternative modes of payment, such as e-channels, to reduce pressure on using physical cash.
This clarification comes amidst confusion and misinformation regarding the validity of the old naira notes.
