CBN speaks on old Naira notes

Central Bank of Nigeria (CBN) has debunked claims circulating on old Naira Notes.

Its Ag. Director, Corporate Communications, Sidi Hakama in a statement issued Thursday said for the avoidance of doubt, the order of the Supreme Court of Nigeria on Wednesday, November 29, 2023, granting the prayer of the Attorney-General of the Federation and Minister of Justice to extend the use of old Naira banknotes ad infinitum, subsists.

She added that the CBN’s directive to all its branches to continue to issue and accept all denominations of Nigerian banknotes, old and re-designed, to and from Deposit Money Banks (DMBs) remains in force.

Hakama noted: “The attention of the Central Bank of Nigeria (CBN) has been drawn to discussions at different fora suggesting that the old series of the N200, N500, and N1,000 banknotes shall cease to be legal tender on December 31, 2024.

“We wish to state categorically that such claims are false and calculated to disrupt the country’s payment system.

“It will be recalled that the Supreme Court ordered that the old series of N200, N500, and N1,000 banknotes shall continue to be legal tender alongside the redesigned versions.

“Accordingly, all banknotes issued by the Central Bank of Nigeria (CBN) will continue to remain legal tender indefinitely.”

The apex bank, therefore, advised members of the public to disregard suggestions that the said series of banknotes would cease to be legal tender on December 31, 2024.

It also urged Nigerians to continue to accept all Naira banknotes (old or redesigned) for their day-to-day transactions and handle them with the utmost care to safeguard and protect their lifecycle.