CBN Reiterates Validity Of Old Naira Notes Indefinitely.
The Central Bank of Nigeria (CBN) has reaffirmed the validity of the old series of ₦1000, ₦500, and ₦200 banknotes, putting an end to ongoing misinformation surrounding their circulation.
In a press release issued on 13 December 2024, the CBN reiterated that the Supreme Court’s ruling of 29 November 2023 permits the concurrent use of all versions of these denominations indefinitely. The bank clarified that both old and new designs, including commemorative notes and earlier designs of the ₦100 denomination, remain valid as legal tender without any deadline.
The statement urged the public to disregard any claims suggesting the old series of ₦1000, ₦500, and ₦200 notes would cease to be legal tender by 31 December 2024. Nigerians are encouraged to continue accepting all Naira banknotes for daily transactions and to handle them with care to ensure their longevity.
Additionally, the CBN advised the general public to adopt alternative payment methods, such as electronic channels, to reduce the dependence on physical cash.
This clarification aims to provide assurance to Nigerians and eliminate any uncertainties regarding the legal status of old and redesigned Naira banknotes.
