Old series of N1000, N500, and N200 denominations remain valid- CBN
Oru Leonard
The Central Bank of Nigeria (CBN), has reiterated that old series of N1000, N500, and N200 denominations remain valid and legal tender, contrary to misinformation circulating that they would cease to be accepted after December 31, 2024.
A statement released by the CBN’s Acting Director of Corporate Communications, Ali Hakama Sidi Ali, referenced a Supreme Court ruling from November 29, 2023, which permits the concurrent circulation of all versions of the Naira denominations indefinitely.
Key Points:
– No Deadline for Old Notes: All versions of the Naira, including old and new designs, commemorative, and previous designs, remain valid without any deadline.
– Disregard Misinformation: The public is advised to disregard claims that old series of banknotes will cease to be legal tender on December 31, 2024.
– Embracing Alternative Payment: The CBN encourages the public to adopt alternative payment channels, such as e-channels, to reduce reliance on physical cash.
The CBN’s clarification aims to alleviate concerns and ensure a seamless transition for Nigerians using the Naira for daily transactions.
