The Central Bank of Nigeria (CBN) Friday said all denominations of Naira banknotes currently in circulation remain valid as legal tender.
Besides, the apex bank said the old and new designs of N1,000, N500, and N200, note cannot expire or be phased out.
A statement by CBN’s Acting Director, Corporate Communications, Mrs Sidi Ali Hakama, said “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 N1,000, 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 4200 denominations, as well as the commemorative and previous designs of the 100 denomination, remain valid and continue to be legal tender without any deadline.
“We, therefore, advise the public to disregard any claims that the old series of the aforementioned banknotes will cease to be legal tender on December 31, 2024.
“We urge Nigerians to continue accepting all Naira banknotes (both old and redesigned) for their daily transactions and to handle them with care to ensure their longevity,” she said.
Hakama however encouraged the general public to embrace alternative modes of payment, such as e-channels, to reduce pressure on using physical cash.
