There is no deadline for the withdrawal from circulation of the old series of N200, N500, and N1,000 banknotes, the Central Bank of Nigeria (CBN) has said.
The Bank said in a statement on Thursday in Abuja that discussions at different
fora suggesting that the banknotes shall cease to be legal tender on December 31, 2024 were false.
The Acting Director, Corporate Communications of the Bank, Hakama Sidi-Ali, said such false reports were calculated to disrupt the country’s payment system.
“For the avoidance of doubt, the order of the Supreme Court of Nigeria 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.
“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,” she said.
Sidi-Ali recalled that the Supreme Court ordered that the old series of N200, N500, and N1,000 banknotes shall continue to be legal tender alongside the redesigned versions.
Accordingly, she said all banknotes issued by the CBN will continue to remain legal tender indefinitely, adsing that members of the public were advised to disregard suggestions that the said series of banknotes would cease to be legal tender on December 31, 2024.
“We urge Nigerians to continue to accept all Naira banknotes (old or redesigned) for their day-to-day transactions a
nd handle them with the utmost care to safeguard and protect their lifecycle.
“Furthermore, the general public is encouraged to embrace alternative modes of payment, echannels, in order to reduce pressure on the use of physical cash,” she said.
