CBN Denies Rumors of Old Naira Notes’ Demonetization
By Patience Ikpeme
The Central Bank of Nigeria (CBN) has categorically denied rumors circulating about the discontinuation of the old series of N200, N500, and N1,000 banknotes on December 31, 2024.
In a statement signed by Mrs. Sidi Ali, Acting Director of Corporate Communications, the CBN clarified that the Supreme Court’s order of November 29, 2023, extending the use of old Naira banknotes indefinitely, remains in effect.
The CBN reiterated its directive to all branches to continue issuing and accepting all denominations of Nigerian banknotes, both old and redesigned, from deposit money banks (DMBs).
The public is advised to disregard any suggestions that the old series of banknotes will cease to be legal tender. All Naira banknotes, regardless of their design, will continue to be accepted for daily transactions.
The CBN encouraged Nigerians to handle all banknotes with care to preserve their lifecycle. Additionally, the public is urged to embrace alternative modes of payment, such as e-channels, to reduce reliance on physical cash.
By clarifying the status of the old Naira banknotes and emphasizing their continued legal tender status, the CBN aims to address any confusion and ensure a smooth transition within the payment system.
