The Central Bank of Nigeria (CBN) has clarified the validity of the old N1000, N500 Series, N200 notes, cautioning that it observed the misinformation regarding the validity of the old ₦1000, ₦500, and ₦200 banknotes currently in circulation.
The apex bank said in a circular on Friday night that, “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”.
Issued by the Ag. Director, Corporate Communications, Mrs Sidi Ali, Hakama, the circular reads, “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. We urge Nigerians to continue accepting all Naira banknotes (both old and redesigned) for their daily transactions and to handle them with care to ensure their longevity.
“Furthermore, the general public is encouraged to embrace alternative modes of payment, such as e-channels, to reduce pressure on using physical cash”.
