JUST IN: CBN Speaks On Old N1000, N500, N200, N100 Notes
The Central Bank of Nigeria has denied plans to declare old naira notes illegal.
This development was communicated in a December 2024 news update of the CBN published on its website.
According to the circular “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 ₦1000, ₦500, and ₦200 denominations of the Naira indefinitely”.
In the publication, the apex bank further noted: “All versions of the naira, including the old and new designs of N1000, N500, and N200 denominations, as well as the commemorative and previous designs of the N100 denomination, remain valid and continue to be legal tender without any deadline.”
“The CBN, therefore, advise the public to disregard any claims that the old series of the banknotes will cease to be legal tender on December 31, 2024, and urges Nigerians to continue accepting all Naira banknotes (both old and redesigned), while encouraging the alternative modes of payment, such as e- channels, to reduce pressure on using physical cash,” the statement added.
This development comes amid cash scarcity in some parts of the country, blamed in part on rumours that the old naira notes were going to be phased out.
The Nigerian government introduced new naira notes on December 15, 2022, with the plan to phase out the old naira notes from circulation.
However, following the cash scarcity and public backlash that followed the policy, including legal actions, the naira notes stated to be earmarked for phasing out were ordered to be returned to circulation by the country’s Supreme Court, which is the highest court in the land.
