The Central Bank of Nigeria has reaffirmed the validity of the old N1000, N500, and N200 banknotes as legal tender, clarifying misinformation circulating about their status.
In a statement signed by Mrs Hakama Sidi-Ali, the Acting Director of Corporate Communications, on Friday, the apex bank confirmed that the Supreme Court ruling of November 29, 2023, permits the indefinite circulation of both old and new designs of these denominations.
The CBN stressed that all versions of the naira, old and redesigned N1000, N500, and N200 notes, as well as commemorative and previous designs of the N100 note, remain valid for transactions.
According to the statement, the bank dismissed claims suggesting that the old series of these denominations would cease to be legal tender by December 31, 2024.
The statement read, “The Central Bank of Nigeria (CBN) has observed the misinformation regarding the validity of the old N1000, N500, and N200 banknotes currently in circulation.
“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 N1000, N500, and N200 denominations of the Naira indefinitely.
“For the avoidance of doubt, 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 urged Nigerians to continue using both old and redesigned banknotes for their daily transactions while handling the notes with care to ensure their longevity.
Also, the bank encouraged the public to adopt alternative payment channels, such as electronic banking platforms, to reduce reliance on physical cash.
This clarification comes amid growing concerns and confusion among the public about the legal status of the old naira notes as Nigerians struggle with cash scarcity.