JUST IN: CBN okays continous use of old naira notes

The Central Bank of Nigeria (CBN) has dismissed rumours making the rounds that the old naira notes will cease to be legal tender on December 31, 2024.

Sidi Ali, Hakama, the bank’s acting director, corporate communications, in a statement on X on Thursday said the old series of N200, N500, and N1,000 banknotes will remain legal tender as ordered by the supreme court on November 29, 2023.

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The house of representatives had said December 31, 2024, was the deadline for old naira notes to cease being legal tender.

However, CBN said its directive to all its branches to continue to issue and accept all banknotes — old and re-designed — to and from banks remains in force.

“The attention of the Central Bank of Nigeria (CBN) 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,” CBN 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.

“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 (DMBs) remains in force.

“It will be recalled that the Supreme Court ordered that the old series of N200, N500, 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.”

CBN advised Nigerians to continue to accept all naira banknotes — old or redesigned — for their day-to-day transactions.

“We, therefore, advise members of the public to disregard suggestions that the said series of banknotes will cease to be legal tender on December 31, 2024,” the apex bank said.

“We urge Nigerians to continue to accept all Naira banknotes (old or redesigned) for their day-to-day transactions and handle them with the utmost care to safeguard and protect their lifecycle.”

CBN further urged the general public to embrace alternative modes of payment, e-channels, to reduce pressure on the use of physical cash