CBN opens up on legality of old Naira notes

The Central Bank of Nigeria (CBN) has reaffirmed the validity of all versions of the naira, including the old and redesigned ₦1000, ₦500, and ₦200 notes, as well as the commemorative and previous ₦100 denominations.

This confirmation follows widespread misinformation suggesting that the old series of the naira notes would cease to be legal tender by December 31, 2024.

In a statement signed by Acting Director of Corporate Communications, Mrs. Sidi Ali Hakama, the CBN emphasized that there is no deadline for the use of these banknotes. The clarification aligns with the Supreme Court’s ruling of November 29, 2023, which allows for the concurrent circulation of all versions of the affected naira notes indefinitely.

The statement read, “For the avoidance of doubt, all versions of the naira remain valid and continue to be legal tender without any deadline. We advise Nigerians to continue accepting these notes for their daily transactions and handle them responsibly to ensure their durability.”

Additionally, the CBN encouraged the public to adopt alternative payment channels, such as electronic transactions, to reduce reliance on physical cash.

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The apex bank’s statement aims to dispel confusion and reassure citizens about the continuous use of both old and new naira notes, emphasizing their equal validity in everyday transactions.