No deadline on circulation of old naira notes – CBN

Yesterday, in a statement from Sidi Hakama, the acting Director of Corporate Communications, the CBN emphasized that the Supreme Court of Nigeria’s order issued on Wednesday, November 29, 2023, which allows the continued use of old naira banknotes indefinitely, remains in effect.

“The Central Bank of Nigeria (CBN) has noted claims circulating in various forums suggesting that the old series of N200, N500, and N1,000 banknotes will cease to be legal tender by December 31, 2024. We want to categorically affirm that these claims are false and aimed at disrupting the country’s payment system.

“To clarify, the Supreme Court of Nigeria’s order from Wednesday, November 29, 2023, which upheld the Attorney-General of the Federation and Minister of Justice’s request to extend the usage of old naira banknotes indefinitely, is still valid.

“Additionally, the CBN has instructed all its branches to continue issuing and accepting all denominations of Nigerian banknotes, both old and redesigned, with deposit money banks (DMBs). This directive remains in place.”

The Supreme Court has mandated that the old N200, N500, and N1,000 banknotes will continue to be recognized as legal tender alongside the newly designed versions.

As a result, the CBN confirmed that all banknotes it has issued will remain legal tender indefinitely.

“We advise the public to disregard any claims that these banknotes will lose their legal tender status on December 31, 2024. We encourage Nigerians to continue accepting all naira banknotes—old and redesigned—for everyday transactions and to handle them carefully to preserve their usability.

“Moreover, the public is encouraged to adopt alternative payment methods and electronic channels to alleviate the pressure on physical cash. We reiterate that reports suggesting otherwise are false and intended to disrupt the nation’s payment system.”