The Central Bank of Nigeria (CBN) has clarified that all denominations of the Naira currently in circulation, including both old and redesigned notes, remain valid as legal tender indefinitely.
The clarification was issued in a statement on Friday by Mrs. Sidi Ali Hakama, the Acting Director of Corporate Communications.
Hakama reassured Nigerians that the old and new designs of the ₦1,000, ₦500, and ₦200 notes, as well as other denominations, remain valid for daily transactions and will not be phased out.
“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 ₦1,000, ₦500, and ₦200 denominations of the Naira indefinitely,” the statement read.
She dismissed rumors suggesting that the old banknotes would cease to be legal tender by December 31, 2024, urging Nigerians to disregard such misinformation.
“For the avoidance of doubt, all versions of the Naira, including the old and new designs of ₦1,000, ₦500, and ₦200 denominations, as well as the commemorative and previous designs of the ₦100 note, remain valid and continue to be legal tender without any deadline,” Hakama added.
“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.”
The CBN reiterated its commitment to ensuring clarity and stability in the financial system while promoting modern payment solutions.
