CBN Dismisses Deadline Rumors: Old Naira Notes to Remain Legal Tender Indefinitely

The Central Bank of Nigeria (CBN) has said there is no deadline for the circulation of old naira notes as widely reported in some media on Thursday.

In a press release obtained by Investors King, the apex bank said old naira notes, N200, N500 and N1,000 shall be legal tender on December 31, 2024.

The CBN said “The attention of the Central Bank of Nigeria 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,” the statement said.

The CBN in the statement reiterated that both the old and new banknotes must remain in circulation.

It said: “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.”

It said: “All banknotes issued by the Central Bank of Nigeria will continue to remain legal tender indefinitely.”