No deadline on circulation of old bank notes, CBN says

Omeiza Bilal

The Central Bank of Nigeria (CBN) has described reports of suggesting that the old series of the N200, N500, and N1,000 banknotes shall cease to be legal tender on December 31, 2024, false and a calculated attempt to disrupt Nigeria’s payment system.

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.

According to a statement signed by Acting Director, Corporate Communications of the CBN, Mrs Hakama Sidi Ali, it directed 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.

In 2023, 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.

“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.

“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.

“Furthermore, the general public is encouraged to embrace alternative modes of payment, echannels, in order to reduce pressure on the use of physical cash,” the statement added.