The Central Bank of Nigeria (CBN) has reaffirmed that all versions of the naira, including the old and new designs of the ₦1000, ₦500, and ₦200 denominations, as well as the commemorative and earlier designs of the ₦100 denomination, remain valid and legal tender indefinitely.
In a statement signed by the Acting Director of Corporate Communications, Mrs Sidi Ali Hakama, the CBN clarified that this announcement aims to address misinformation concerning the validity of the old ₦1000, ₦500, and ₦200 banknotes currently in circulation.
The apex bank urged the public to dismiss rumours suggesting that the old series of these banknotes would cease to be legal tender by 31 December 2024.
The statement reads:
“The Central Bank of Nigeria (CBN) has observed ongoing misinformation regarding the validity of the old ₦1000, ₦500, and ₦200 banknotes in circulation.
“In line with the Bank’s previous clarifications and to provide further assurance, the CBN wishes to reiterate that the subsisting Supreme Court ruling granted on 29 November 2023 permits the concurrent circulation of all versions of the ₦1000, ₦500, and ₦200 denominations of the naira indefinitely.
“For the avoidance of doubt, all versions of the naira, including the old and new designs of the ₦1000, ₦500, and ₦200 denominations, as well as the commemorative and earlier designs of the ₦100 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 31 December 2024. Nigerians are encouraged to continue accepting all naira banknotes (both old and redesigned) for daily transactions and to handle them with care to ensure their longevity.
“Additionally, we encourage the general public to adopt alternative payment methods, such as electronic channels, to ease the pressure on physical cash usage.”