CBN Clarifies No Deadline for Old Naira Banknotes

The Central Bank of Nigeria (CBN) has issued a statement refuting reports that the old series of N200, N500, and N1,000 banknotes will cease to be legal tender after December 31, 2024. The CBN noted that these claims are false and could disrupt the nation’s payment system.

The clarification follows a Supreme Court ruling on November 29, 2023, which granted an indefinite extension for the use of old Naira banknotes, as requested by the Attorney-General of the Federation and Minister of Justice. This ruling maintains that the old series will remain legal tender alongside the redesigned notes.

In its directive, the CBN has instructed all branches to continue issuing and accepting both old and redesigned denominations of Nigerian banknotes in transactions with deposit money banks (DMBs).

The CBN urged the public to disregard any suggestions that the old banknotes will no longer be accepted after the stated date. “ We urge Nigerians to continue to accept all Naira banknotes (old or redesigned) for their day-to-day transactions and handle them with the utmost care to safeguard and protect their lifecycle.” The statement reads.

Furthermore, the CBN urged the adoption of alternative payment methods, such as electronic channels, to reduce reliance on physical cash.