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The Central Bank of Nigeria (CBN) has once again debunked the speculations that the old ₦200, ₦500, and ₦1,000 banknotes would cease to be legal tender by December 31, 2024.
The apex bank made the clarification in a statement by its acting Director of Corporate Communications, Sidi Hakamaon, on the night of Thursday, October 24, 2024.
The reaction followed renewed rumours making the rounds, claiming that the three series of naira would be withdrawn from circulation by December.
The CBN described such reports as a calculated falsehood intended to disrupt the nation's payment system, insisting that the old notes would remain valid indefinitely.
"The attention of the Central Bank of Nigeria has been drawn to discussions at different fora suggesting that the old series of the ₦200, ₦500, and ₦1,000 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,” the statement partly read.
CBN reassures Nigerians about old naira notes' validity
The apex bank reaffirmed its commitment to ensuring that all Nigerian banknotes, including both the old and redesigned series, remain in circulation.
“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 remains in force,” the CBN statement noted.
It also reminded the public of the validity of a Supreme Court order, ordering the continued use of old naira notes simultaneously with the redesigned versions.
“Accordingly, all banknotes issued by the Central Bank of Nigeria will continue to remain legal tender indefinitely,” the statement added.
The CBN further urged Nigerians to take any suggestions that the old series of banknotes will lose their validity by the end of 2024 with a pinch of salt.
It also enjoined the citizens to continue using both the old and redesigned naira notes for transactions and advised them to handle the notes with care to preserve their quality and lifespan.
However, the apex bank encouraged the public to embrace alternative payment channels to ease demand for physical cash.
The development followed the House of Representatives resolution on Thursday, asking the CBN to begin the gradual withdrawal of old naira notes and ensure the availability of new notes in the ₦200, ₦500, and ₦1,000 denominations in circulation.