The Central Bank of Nigeria (CBN) has reassured the public that both the old and redesigned naira notes will continue to serve as legal tender without any deadline.
In a statement on Friday, Hakama Sidi Ali, CBN’s acting
director of corporate communications, addressed the ongoing misinformation
concerning the validity of the old N1000, N500, and N200 banknotes currently in
circulation.
Ali said the supreme court ruling of November 29, 2023,
permits the concurrent use of all versions of the affected denominations
indefinitely, dismissing any claims suggesting an expiration date.
“In line with the Bank’s previous clarifications and to
offer further assurance, the CBN wishes to reiterate that the subsisting
Supreme Court ruling granted on November 29, 2023, permits the concurrent
circulation of all versions of the #1000, #500, and #200 denominations of the
Naira indefinitely,” CBN said.
“For the avoidance of doubt, all versions of the naira,
including the old and new designs of N1000, N500, and N200 denominations, as
well as the commemorative and previous designs of the N100 denomination, remain
valid and continue to be legal tender without any deadline.
“We, therefore, advise the public to disregard any claims
that the old series of the aforementioned banknotes will cease to be legal
tender on December 31, 2024.”
She urged Nigerians to continue accepting all naira
banknotes for daily transactions and to handle them with care to ensure their
longevity.
Ali also advised the public to adopt alternative payment
channels such as electronic banking channels to reduce the reliance on physical
cash.
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