CBN Insists on Validity of Old Naira Notes
By Patience Ikpeme
The Central Bank of Nigeria (CBN) has insisted that all versions of the naira, including the old and new designs of the N1000, N500, and N200 denominations, as well as the commemorative and previous designs of the N100 denomination, remain legal tender.
In a statement released on Friday and signed by Mrs. Hakama Sidi Ali, Acting Director Corporate Communications, the CBN clarified that the Supreme Court’s ruling of November 29, 2023, permits the concurrent circulation of all naira denominations indefinitely.
The apex bank then urged the public to disregard any misinformation suggesting that the old N1000, N500, and N200 banknotes will cease to be legal tender on December 31, 2024.
The CBN encouraged Nigerians to continue accepting all naira banknotes for their daily transactions and to embrace alternative payment methods such as e-channels to reduce reliance on physical cash.
