Old naira banknotes remain legal tender, says CBN
The Central Bank of Nigeria (CBN) has dismissed claims that the old series of N200, N500, and N1,000 banknotes will cease to be legal tender on December 31, 2024. The CBN has reaffirmed that the Supreme Court’s order to extend the use of old Naira banknotes indefinitely is still in force.
In a statement, the CBN said its directive to continue issuing and accepting all denominations of Nigerian banknotes, old and redesigned, remains in force. The Supreme Court has ordered that the old series of N200, N500, and N1,000 banknotes should continue to be legal tender alongside the redesigned versions.
The CBN has advised the public to disregard suggestions that the old series of banknotes will cease to be legal tender on December 31, 2024. Instead, Nigerians are encouraged to continue accepting all Naira banknotes, old or redesigned, for day-to-day transactions.
The CBN also encouraged the public to use alternative modes of payment, such as e-channels, to reduce pressure on physical cash and safeguard the lifecycle of the banknotes.
This clarification from the CBN aims to alleviate any confusion and ensure a seamless payment system in Nigeria.
