No Deadline On Circulation of Old Series of Naira Banknotes, Says CBN

Oru Leonard 

The Central Bank of Nigeria (CBN) has clarified that there’s no deadline for the circulation of old series Naira banknotes. Recent discussions suggesting the old N200, N500, and N1,000 banknotes would cease to be legal tender by December 31, 2024, are false and aimed at disrupting  Nigeria’s payment system.

The Supreme Court’s order on November 29, 2023, allows the continued use of old Naira banknotes indefinitely. This means both old and redesigned banknotes will remain legal tender. The CBN advises the public to disregard false claims and continue accepting all Naira banknotes for daily transactions.

To reduce pressure on physical cash, Nigerians are encouraged to adopt alternative payment methods, like e-channels. The CBN’s directive ensures all banknotes remain valid, and citizens can handle them with care to prolong their lifespan.

Source: CBN Media