The Central Bank of Nigeria (CBN) has moved to dispel rumors surrounding the legitimacy of old Naira banknotes. In a statement issued on October 24, 2024, the bank categorically denied claims that the old N200, N500, and N1,000 notes will cease to be legal tender by December 31, 2024.
The clarification comes amidst widespread discussions regarding the status of old Naira banknotes following the bank’s recent redesign initiative. The CBN’s prompt response aims to alleviate confusion and ensure a seamless transition.
According to Sidi Ali Hakama, Acting Director of Corporate Communications, these claims are false and aimed at disrupting the country’s payment system. The CBN reassures that its directive to accept and issue both old and redesigned Naira notes remains unchanged.
The Supreme Court’s ruling on November 29, 2023, extended the validity of the old Naira notes indefinitely, allowing their continued use alongside redesigned ones. This ruling granted the prayer of the Attorney-General of the Federation and Minister of Justice.
The CBN emphasized that all banknotes issued will remain legal tender indefinitely. The public is urged to disregard any suggestions that the old series of Naira banknotes will cease to be valid by the end of 2024.
Instead, the CBN encourages Nigerians to handle all banknotes carefully and adopt alternative payment methods, such as electronic channels, to reduce reliance on physical cash.
However, the House of Representatives recently tasked the CBN with sensitizing Nigerians about the non-legal tender status of old Naira notes from January 1, 2025. Labour Party Caucus Leader Hon. Victor Ogene stated that, following the Supreme Court’s ruling, the N200, N500, and N1,000 notes will cease to be legal tender and medium of exchange as from January 1, 2025.
This development has sparked confusion among Nigerians, prompting the CBN’s timely clarification. The bank reassures that its directive remains unchanged, and both old and redesigned Naira notes will continue to coexist.
The CBN’s commitment to maintaining economic stability and public trust is evident in its swift response to these rumors. Nigerians are advised to rely on official communications from the CBN for accurate information.
In conclusion, the CBN’s clarification provides reassurance that old Naira notes remain legal tender indefinitely, alleviating concerns and promoting a smooth transition to the redesigned currency.
