The Central Bank of Nigeria (CBN) has issued a statement addressing the misinformation surrounding the validity of the old Naira notes.
The bank reaffirmed that all versions of the N1000, N500, and N200 denominations will continue to remain valid indefinitely. The statement was issued by Hakama Sidi Ali (Mrs.), CBN’s Ag. Director of Corporate Communications, on Friday evening.
The CBN’s clarification comes in response to widespread confusion and misleading claims that the old notes would become invalid after December 31, 2024. According to the bank, these claims are false and not in line with the ruling issued by the Supreme Court on November 29, 2023. The ruling allows for the concurrent circulation of all versions of the aforementioned Naira denominations, including both the old and new designs.
Mrs. Sidi Ali emphasized, “We want to reassure the public that all versions of the N1000, N500, and N200 notes, both old and new designs, are still legal tender.” She further explained that the Supreme Court’s ruling has removed any expiration dates for these banknotes, ensuring their validity indefinitely.
Mrs. Sidi Ali also clarified that this applies to commemorative and previous designs of the N100 denomination, all of which remain valid. “There is no need for anyone to fear that these notes will lose their value in the near future,” she added.
Additionally, the CBN urged Nigerians to embrace alternative payment methods, such as electronic channels, to reduce the pressure on cash usage. “We encourage the public to adopt digital payments, which will help streamline transactions and reduce dependency on physical currency,” Mrs. Sidi Ali concluded.
With these clarifications, the CBN hopes to eliminate any uncertainty and ensure that Nigerians continue to use all versions of the Naira with confidence, thereby easing the financial transition for many citizens who may have been concerned.
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