The Central Bank of Nigeria (CBN) has addressed recent rumors circulating about the withdrawal of old N200, N500, and N1,000 banknotes by December 31, 2024, categorically stating that such claims are false and misleading. According to a press release issued by the CBN, the old series of these naira notes will remain legal tender indefinitely, alongside the redesigned versions.
The CBN’s statement is in line with the Supreme Court’s ruling of November 29, 2023, which upheld the continued use of old naira notes indefinitely. The court granted the request of the Attorney-General of the Federation and Minister of Justice, ensuring that the old notes remain in circulation without any set deadline.
Additionally, the CBN has instructed all its branches and deposit money banks (DMBs) to continue accepting and issuing both old and redesigned naira notes. The public is urged to disregard any contrary information suggesting the cessation of the old notes’ legal status at the end of the year.
The CBN also encourages Nigerians to embrace alternative payment methods, such as electronic channels, to ease reliance on physical cash transactions.
