The Central Bank of Nigeria (CBN) has urged Nigerians to ignore claims that the old naira notes will no longer be legal tender after December 31, 2024.
In a statement posted on X on Thursday, Sidi Ali Hakama, acting director of corporate communications, clarified that the old series of N200, N500, and N1,000 banknotes will continue to be recognised as legal tender, as mandated by the Supreme Court on November 29, 2023.
This clarification comes in response to a recent assertion by the House of Representatives that December 31, 2024, is the deadline for the old naira notes to cease being legal tender.
The CBN reiterated that its directive to all branches to accept and issue both old and redesigned banknotes remains in effect.
“The Central Bank of Nigeria (CBN) has noted discussions in various forums suggesting that the old N200, N500, and N1,000 banknotes will cease to be legal tender on December 31, 2024. We wish to categorically state that such claims are false and intended to disrupt the country’s payment system,” the CBN stated.
“For clarity, the Supreme Court of Nigeria ordered on Wednesday, November 29, 2023, in response to the Attorney-General of the Federation and Minister of Justice, that the use of old naira banknotes is to be extended indefinitely.
“Additionally, the CBN’s directive for all branches to continue to issue and accept all denominations of Nigerian banknotes, both old and redesigned, to and from deposit money banks (DMBs) remains in place.
“It should be recalled that the Supreme Court ruled that the old series of N200, N500, and N1,000 banknotes shall continue to be legal tender alongside the redesigned versions. Thus, all banknotes issued by the Central Bank of Nigeria (CBN) will remain legal tender indefinitely.”
The CBN encouraged Nigerians to continue accepting all naira banknotes, whether old or redesigned, for their everyday transactions.
“We advise the public to disregard any claims that these banknotes will cease to be legal tender after December 31, 2024,” the apex bank stated.
“We urge Nigerians to keep accepting all naira banknotes (both old and redesigned) for their daily transactions and to handle them with care to ensure their longevity.”