The Central Bank of Nigeria (CBN) says it has not fixed any deadline for the circulation of the old N200, N500, and N1,000 banknotes.
The Acting Director of Corporate Communications Department of the CBN, Hakama Sidi-Ali, made this known in a statement on Thursday, October 24, 2024.
Sidi-Ali was reacting to social media reports that the apex bank had fixed December 31 as the deadline for the circulation of the old naira notes.
She said a Supreme Court verdict extending the legal tender status of the old banknotes indefinitely still subsists.
She stated: “The attention of the 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.
“We wish to state categorically that such claims are false and calculated to disrupt the country’s payment system.
“For the avoidance of doubt, the order of the Supreme Court on Wednesday, November 29, 2023, granting the prayer of the Attorney-General of the Federation and Minister of Justice to extend the use of old naira banknotes ad infinitum, subsists.
Naira trades N1,600/$ at official market
“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.”
Sidi-Ali urged members of the public to disregard suggestions that the old naira notes would cease to be legal tender on December 31.
The CBN official added: “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.”
It would be recalled that the Supreme Court ordered that the old series of N200, N500, and N1,000 banknotes will continue to be legal tender alongside the redesigned versions.
Accordingly, all banknotes issued by the CBN will continue to remain legal tender indefinitely.
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