by NIyi Jacobs
The Central Bank of Nigeria (CBN) has dismissed widespread misinformation about the validity of the old ₦1000, ₦500, and ₦200 banknotes, reassuring Nigerians that all versions of these denominations remain legal tender indefinitely.
In a statement released by the Acting Director of Corporate Communications, Sidi Ali Hakama, the CBN reiterated its compliance with the Supreme Court ruling of November 29, 2023, which permits the continued use of both old and redesigned notes without any deadline. This includes the old and new series of the ₦1000, ₦500, and ₦200 denominations, as well as commemorative and previous designs of the ₦100 note.
The apex bank urged the public to disregard claims suggesting the old series would cease to be legal tender by December 31, 2024. It called on Nigerians to accept all forms of the naira for transactions and handle the banknotes responsibly to ensure their durability.
Additionally, the CBN encouraged citizens to adopt alternative payment channels, such as electronic platforms, to reduce reliance on physical cash and enhance payment efficiency.
