CBN reaffirms validity of old naira notes, dispels deadline rumours
By Seun Johnson
The Central Bank of Nigeria (CBN) has reaffirmed the validity of the old N1,000, N500, and N200 denominations, dispelling the growing misinformation about their legal tender status.
In a press release issued on Friday and signed by its Acting Director, Corporate Communications, Mrs Hakama Sidi Ali, the apex bank clarified that, the old versions of these notes remain valid for indefinite circulation alongside the new designs. This is in accordance with the Supreme Court ruling delivered on November 29, 2023.
The CBN asserted that all denominations of the naira including the old and new series of N1,000, N500, and N200 as well as commemorative and earlier versions of the N100 note, continue to serve as legal tender without any expiry date.
This clarification comes amidst lingering rumours claiming that the old series of the notes would cease to be legal tender by December 31, 2024. The CBN urged Nigerians to disregard these claims and continue to use all versions of the naira in their daily transactions while handling the notes with care to maintain their durability.
The statement further advised members of the public to adopt alternative payment channels, such as electronic transactions to reduce reliance on physical cash and promote financial inclusion.
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