CBN Clarifies Rumors On Deadline For Old Naira Notes

The Central Bank of Nigeria (CBN) has dismissed circulating claims suggesting that old naira notes—specifically the old series of N200, N500, and N1,000 banknotes—will cease to be legal tender by December 31, 2024.

In a statement issued on Thursday, the apex bank clarified that these rumors were false and intended to disrupt the nation’s payment system.

According to Sidi Hakama, Acting Director of Corporate Communications at the CBN, the Supreme Court’s ruling from November 29, 2023, which granted an indefinite extension of the old naira notes’ validity, remains in effect. The court order was in response to a prayer by the Attorney-General of the Federation and Minister of Justice.

“The attention of the Central Bank of Nigeria (CBN) has been drawn to discussions at different fora suggesting that the old series of the N200, N500, and N1,000 banknotes shall cease to be legal tender on December 31, 2024,” Hakama stated. “We wish to state categorically that such claims are false and calculated to disrupt the country’s payment system.”

The CBN also reiterated its directive to all branches and Deposit Money Banks (DMBs) to continue accepting and issuing all denominations of Nigerian banknotes, both old and redesigned. Hakama emphasized that the old and new series of all banknotes will remain legal tender indefinitely, as ordered by the Supreme Court.

The bank urged Nigerians to disregard the false claims and to continue accepting all naira banknotes for their daily transactions. Additionally, the CBN called on the public to handle the notes with care to preserve their lifespan and quality.

The clarification comes amid widespread confusion and speculation about the status of the old naira notes, following the currency redesign policy that was introduced in late 2022. The apex bank’s statement aims to restore confidence in the country’s financial system and reassure citizens of the continuous validity of all banknotes.
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