CBN Puts Rumors to Rest: Old Naira Notes Remain Legal Tender Indefinitely

CBN Puts Rumors to Rest: Old Naira Notes Remain Legal Tender Indefinitely

The Central Bank of Nigeria (CBN) has reaffirmed the validity of the N1000, N500, and N200 denominations, putting to rest rumors that the old naira notes would cease to be legal tender on December 31, 2024. In a press release signed by the Ag. Director of Corporate Communications, Hakama Sidi Ali, the CBN reiterated that the Supreme Court's ruling on November 29, 2023, permits the concurrent circulation of all versions of the aforementioned denominations indefinitely.

The statement clarified that all versions of the naira, including old and new designs, commemorative, and previous designs of N100 denominations, would remain valid and continue to be legal tender without any deadline. The CBN urged Nigerians to continue accepting naira notes, both old and redesigned, for daily transactions and to explore alternative payment modes, such as e-channels, to reduce pressure on cash usage.

This development comes after rumors circulated that the old naira notes would be phased out by December 31, 2024. However, the CBN has categorically stated that there is no deadline for the validity of the old naira notes. "We therefore advise the public to disregard any claims that the old series of the aforementioned will cease to be legal tenders on December 31, 2024," the statement read.

The CBN's clarification is expected to bring relief to Nigerians who were concerned about the potential disruption to economic activities. The bank's emphasis on the continued validity of old naira notes and the promotion of alternative payment modes is aimed at maintaining economic stability and reducing the pressure on cash usage.

In a related development, the House of Representatives had earlier called on the CBN to make available more new notes of N200, N500, and N1,000, as well as begin a gradual withdrawal of the old notes from circulation . However, the CBN's latest statement has clarified that there is no deadline for the validity of the old naira notes.

As the CBN continues to work towards maintaining economic stability, Nigerians are advised to remain calm and continue to use both old and new naira notes for daily transactions. The bank's emphasis on alternative payment modes is also expected to promote a more efficient and cashless economy.