The Central Bank of Nigeria (CBN) says Nigerians should disregard claims that the old naira notes will cease to be legal tender on December 31, 2024.
In a statement on X on Thursday, Sidi Ali, Hakama, acting
director, corporate communications, said the old series of N200, N500, and
N1,000 banknotes will remain legal tender as ordered by the supreme court on
November 29, 2023.
Earlier, the house of representatives said December 31,
2024, was the deadline for old naira notes to cease being legal tender.
However, CBN said its directive to all its branches to
continue to issue and accept all banknotes — old and re-designed — to and from
banks remains in force.
“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,” CBN 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.
“Similarly, 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.
“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.”
CBN advised Nigerians to continue to accept all naira
banknotes — old or redesigned — for their day-to-day transactions.
“We, therefore, advise members of the public to disregard
suggestions that the said series of banknotes will cease to be legal tender on
December 31, 2024,” the apex bank said.
“We urge 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.”
CBN further urged the general public to embrace alternative
modes of payment, e-channels, to reduce pressure on the use of physical cash.
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