The Central Bank of Nigeria (CBN) has reaffirmed that the old ₦1000, ₦500, and ₦200 banknotes remain valid as legal tender, addressing misinformation about their status.
In a statement released on Friday and signed by Mrs Hakama Sidi-Ali, the Acting Director of Corporate Communications, the apex bank clarified that the Supreme Court ruling of 29 November 2023 permits the indefinite circulation of both the old and new versions of these denominations.
The CBN emphasised that all variants of the naira—including the old and redesigned ₦1000, ₦500, and ₦200 notes, as well as commemorative and previous designs of the ₦100 note—continue to be valid for transactions.
The statement also dismissed claims that the old series of these denominations would cease to be legal tender by 31 December 2024, assuring the public of their continued validity.
The statement read, “The Central Bank of Nigeria (CBN) has observed the misinformation regarding the validity of the old N1000, N500, and N200 banknotes currently in circulation.
“In line with the Bank’s previous clarifications and to offer further assurance, the CBN wishes to reiterate that the subsisting Supreme Court ruling granted on November 29, 2023, permits the concurrent circulation of all versions of the N1000, N500, and N200 denominations of the Naira indefinitely.
“For the avoidance of doubt, all versions of the naira, including the old and new designs of N1000, N500, and N200 denominations, as well as the commemorative and previous designs of the N100 denomination, remain valid and continue to be legal tender without any deadline.”
The CBN has urged Nigerians to continue using both the old and redesigned banknotes for their daily transactions, while also emphasising the need to handle the notes with care to preserve their durability.
Additionally, the CBN encouraged the public to embrace alternative payment channels, such as electronic banking platforms, to minimise dependence on physical cash.
This clarification follows growing concerns and confusion among the public regarding the legal status of the old naira notes, as Nigerians grapple with ongoing cash scarcity.
