The Central Bank of Nigeria (CBN) has clarified that all denominations of the naira, including the old and new ₦1000, ₦500, and ₦200 notes, as well as the commemorative and previous ₦100 notes, remain valid and will continue to be recognized as legal tender indefinitely......Read The Full Article>>.....Read The Full Article>>
In a statement issued by the Acting Director of Corporate Communications, Sidi Ali Hakama, the CBN sought to address the recent confusion surrounding the validity of the older ₦1000, ₦500, and ₦200 notes in circulation. The Bank emphasized that a ruling by the Supreme Court on November 29, 2023, allows for the simultaneous use of both the old and new versions of these banknotes without a set expiration date.
The CBN also urged the public to disregard rumors suggesting that the old ₦1000, ₦500, and ₦200 notes would lose their legal tender status by December 31, 2024. The central bank reiterated that, in accordance with the court’s ruling, all versions of the ₦1000, ₦500, ₦200, and ₦100 denominations, whether new, old, or commemorative, remain valid for use in all transactions.
The statement further advised Nigerians to continue accepting both the old and new banknotes for daily transactions and to handle them carefully to ensure their durability. The CBN also encouraged the public to explore alternative payment methods, including electronic channels, in an effort to reduce reliance on physical cash.
This clarification comes as part of the CBN’s ongoing effort to provide clear and accurate information regarding the status of the nation’s currency, ensuring that citizens are well-informed and can confidently carry out their financial activities.
