The Central Bank of Nigeria (CBN) has reaffirmed that the old N1000, N500, and N200 bank notes still remain and will remain valid alongside the new banknotes.
The apex bank which made the reaffirmation in a statement issued on Friday by its Acting Director, Corporate Communications, Mrs. Hakama Sidi Ali, said the reaffirmation of the validity of the old banknotes became necessary following the bank’s observation of the misinformation regarding the validity of the old N1000, N500, and N200 banknotes.
Ali stated that 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 N1,000, 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.
“We, therefore, advise the public to disregard any claims that the old series of the aforementioned banknotes will cease to be legal tender on December 31, 2024.
“We urge Nigerians to continue accepting all Naira banknotes (both old and redesigned) for their daily transactions and to handle them with care to ensure their longevity.”
She further encouraged the general public to embrace alternative modes of payment, such as e-channels, to reduce pressure on using physical cash.