The Central Bank of Nigeria (CBN) has confirmed that it does not plan to discontinue the circulation of old N200, N500, and N1,000 notes by December 31, 2024. This clarification comes amidst rumors and concerns over the validity of the old naira notes.
Supreme Court Ruling on Old Naira Notes
The CBN emphasized that the Supreme Court’s ruling, delivered on November 29, 2023, remains in effect. This ruling allows both old and redesigned naira notes to remain legal tender indefinitely. The apex bank reiterated that there are no immediate plans to phase out the old notes.
In a statement from the acting director of corporate communications, Mrs. Sidi-Ali Hakama, the CBN described claims about a specific deadline for old notes as false. She advised the public to disregard such claims, labeling them as attempts to disrupt Nigeria’s payment systems.
This statement follows a resolution by the House of Representatives urging the CBN to phase out old notes before the end of 2024. The House had expressed concerns about the lack of public sensitization regarding the transition. However, the CBN maintained that all naira denominations, both old and new, would continue to be accepted for transactions across the country without a fixed deadline.
In line with modern global practices, the CBN also encouraged the public to use alternative payment methods, including e-channels. This move aims to reduce the pressure on physical cash usage and promote a more efficient payment system.
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The CBN assured Nigerians that it remains committed to ensuring smooth and transparent transactions, with all denominations remaining valid indefinitely.
