CBN Announces No Deadline for Circulation of Old N200, N500, N1000 Notes

The Central Bank of Nigeria (CBN) has clarified that there is no deadline for the circulation of old N200, N500, and N1000 banknotes. This announcement was made by CBN spokesperson Sidi Ali Hakama in a statement released on Thursday.

The clarification comes in response to rumors suggesting that these old Naira notes would no longer be considered legal tender after December 31, 2024. The CBN categorically stated that such claims are false and potentially disruptive to the country’s payment system.

In the statement, the CBN reaffirmed, “The attention of the Central Bank of Nigeria has been drawn to discussions suggesting that the old series of N200, N500, and N1,000 banknotes will cease to be legal tender on December 31, 2024. We wish to state categorically that such claims are false.”

The bank referenced a ruling from the Supreme Court of Nigeria on November 29, 2023, which granted the Attorney-General of the Federation and Minister of Justice the authority to extend the use of old Naira banknotes indefinitely. As a result, all denominations of Nigerian banknotes, both old and redesigned, remain legal tender.

The CBN emphasized, “Accordingly, all banknotes issued by the Central Bank of Nigeria will continue to remain legal tender indefinitely.” They advised the public to disregard any suggestions that these banknotes would lose their legal status on the specified date.

Furthermore, the CBN encouraged Nigerians to continue accepting all Naira banknotes for everyday transactions while also promoting the adoption of alternative payment methods, such as electronic channels, to ease reliance on physical cash. “We urge the public to handle all Naira banknotes, old or redesigned, with care to protect their lifecycle,” the statement concluded.