Reports that the former series of N200, N500, and N1,000 banknotes will no longer be accepted as legal money by December 31, 2024, have been refuted by the Central Bank of Nigeria.
The CBN stated in a statement issued Thursday by Sidi Hakama, acting director of corporate communications, that the Supreme Court of Nigeria’s ruling on Wednesday, November 29, 2023, to continue using old naira banknotes remains in effect indefinitely.
“The attention of the Central Bank of Nigeria (CBN) has been drawn to discussions at different fora suggesting that the old series of the N200, N500, and N1,000 banknotes shall cease to be legal tender on December 31, 2024. We wish to state categorically that such claims are false and calculated to disrupt the country’s payment system.
“For the avoidance of doubt, the order of the Supreme Court of Nigeria on Wednesday, November 29, 2023, granting the prayer of the Attorney-General of the Federation and Minister of Justice to extend the use of old Naira banknotes ad infinitum, subsists.
“Similarly, the CBN’s directive to all its branches to continue to issue and accept all denominations of Nigerian banknotes, old and re-designed, to and from deposit money banks (DMBs) remains in force.”
The Supreme Court ordered that the old series of N200, N500, and N1,000 banknotes will continue to be legal tender alongside the redesigned versions.
