The Central Bank of Nigeria (CBN) has refuted rumours that the old N200, N500, and N1,000 banknotes will no longer be legal tender after December 31.
In a statement, Sidi Hakama, the Acting Director of Corporate Communications, clarified that these claims are untrue and are aimed at disrupting’s payment system.
She said: “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.”
Mrs Hakama stated that the Central Bank of Nigeria (CBN) has instructed all branches to continue issuing and accepting both old and redesigned denominations of Nigerian banknotes from Deposit Money Banks (DMBs).
This directive, she said, remains in effect.
She urged the public to dismiss any claims suggesting that these banknotes will no longer be legal tender after December 31.
Additionally, Mrs Hakama encouraged Nigerians to continue using all Naira banknotes—whether old or redesigned—for daily transactions, while handling them with care to extend their lifespan.
Moreover, she advised the public to embrace alternative payment methods, such as electronic channels, to reduce reliance on physical cash and alleviate the pressure on cash usage.
“It will be recalled that the Supreme Court ordered that the old series of N200, NSOO, and N1,000 banknotes shall continue to be legal tender alongside the redesigned versions. Accordingly, all banknotes issued by the Central Bank of Nigeria (CBN) will continue to remain legal tender indefinitely.”
