The CBN urged Nigerians to disregard rumors claiming the old Naira notes would cease to be legal tender by December 31, 2024. Mrs. Hakama reiterated that both old and redesigned notes should be accepted for all transactions and handled with care to ensure their durability.
Abuja, Nigeria – The Central Bank of Nigeria (CBN) has reaffirmed that all denominations of Naira banknotes, including both old and new designs, will remain legal tender indefinitely. This clarification follows misinformation suggesting an impending expiration of old Naira notes.
In a statement released on Friday, the Acting Director of Corporate Communications at the CBN, Mrs. Sidi Ali Hakama, emphasized the bank’s adherence to a Supreme Court ruling dated November 29, 2023. The ruling allows the concurrent circulation of all versions of the N1,000, N500, and N200 denominations indefinitely.
Legal Tender Status Clarified
“For the avoidance of doubt, all versions of the Naira, including the old and new designs of the N1,000, N500, and N200 denominations, as well as the commemorative and previous designs of the N100 note, remain valid and will continue to be legal tender without any deadline,” the statement read.
The CBN urged Nigerians to disregard rumors claiming the old Naira notes would cease to be legal tender by December 31, 2024. Mrs. Hakama reiterated that both old and redesigned notes should be accepted for all transactions and handled with care to ensure their durability.
The CBN also highlighted the importance of adopting electronic payment methods to reduce reliance on cash. Hakama noted, “We urge Nigerians to embrace electronic payment channels as part of our efforts to modernize Nigeria’s payment systems and promote financial inclusion.”
Background on Naira Redesign
The announcement comes after the controversial redesign of the N200, N500, and N1,000 denominations, which was unveiled on October 26, 2022, under the leadership of the former CBN Governor, Mr. Godwin Emefiele. The redesign aimed to address issues such as corruption, currency fraud, inflation, and excessive money in circulation.
Initially, a January 31, 2023, deadline was set for phasing out old notes, but this led to severe cash shortages and disruptions across the country between March and April 2023. The Supreme Court ruling in November 2023 resolved the crisis by permitting the continued use of both old and new notes indefinitely.
Public Reassurance
The CBN has reassured Nigerians that all Naira notes remain valid and urged citizens to accept them for daily transactions. The bank continues to advocate for alternative payment systems to complement its cash reduction strategy and enhance Nigeria’s financial ecosystem.
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