The Central Bank of Nigeria (CBN) has announced that there is no deadline for the circulation of the old N200, N500, and N1000 banknotes. This clarification was made by CBN spokesperson Sidi Ali Hakama in a statement issued on Thursday.
The announcement comes in response to widespread speculation that the old Naira notes would cease to be legal tender after December 31, 2024. However, the CBN categorically stated that such claims are false and could disrupt the country's payment system.
"The attention of the Central Bank of Nigeria has been drawn to discussions suggesting that the old series of N200, N500, and N1000 banknotes shall cease to be legal tender on December 31, 2024. We wish to state categorically that such claims are false," the statement read.
The CBN emphasized that the order from the Supreme Court of Nigeria, which was issued on November 29, 2023, allows the continued use of old Naira banknotes indefinitely. The court granted the request of the Attorney-General of the Federation and Minister of Justice to extend the use of the old notes.
Additionally, the CBN confirmed that its directive to all branches to issue and accept both old and redesigned Nigerian banknotes remains in effect. This means that the old series of N200, N500, and N1000 notes will continue to be accepted as legal tender alongside the newly redesigned versions.