No deadline on circulation of old naira notes – CBN

The Central Bank of Nigeria (CBN) has insisted there is no deadline for the circulation of old Naira notes.

The apex bank also dispelled rumours that the N200, N500, and N1,000 banknotes will cease to be legal tender by December 31, 2024.

In a statement issued by Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications, the CBN stressed that these claims are false and intended to cause confusion within the country’s payment system.

“The order of the Supreme Court on November 29, 2023, extending the use of old banknotes indefinitely remains in force,” the statement read. Mrs. Ali reiterated that the CBN has instructed all branches to continue issuing and accepting both the old and redesigned denominations of the Naira.

She urged the public to disregard any information suggesting otherwise, emphasizing that all Naira banknotes will remain legal tender indefinitely. The CBN also encouraged Nigerians to embrace digital payment methods to reduce dependency on cash.