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The Central Bank of Nigeria (CBN) has debunked rumours that the old naira notes will no longer be accepted.
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CBN in a statement confirmed that all naira denominations, including both the old and redesigned versions of the N1000, N500, and N200 notes, as well as commemorative and older designs of the N100 note, remain legal tender indefinitely.
In a statement issued on Friday, the Acting Director of Corporate Communications, Mrs Hakama Sidi Ali, dismissed reports of a December 31, 2024, expiration date for the old notes, describing them as baseless and misleading.
“This clarification aligns with the Supreme Court’s ruling of November 29, 2023, which permits the concurrent circulation of all versions of these denominations indefinitely,” the statement said.
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The CBN urged Nigerians to disregard claims of an expiration date and continue using all banknotes for daily transactions.
“We encourage the public to accept all naira banknotes (old and redesigned) as legal tender and handle them responsibly to ensure their longevity,” Mrs Ali stated.
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Additionally, the bank called on Nigerians to adopt alternative payment methods, such as electronic channels, to complement the use of physical cash.
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The statement also urged Nigerians to actively use other modes of transactions, such as using the ATM and banking apps to carry out their various transactions.
The statement contradicts the alleged cash scarcity and complaints by Nigerians that banks ATM machines no longer disburses cash, but have resulted in using the POS operatives to get cash, paying a premium in the process.
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