CBN confirms validity of old, new naira notes

The Central Bank of Nigeria (CBN) has reiterated that both the old and redesigned naira notes of N1,000, N500, and N200 denominations will remain legal tender indefinitely, putting to rest rumours of a 31 December deadline for the phasing out of the old notes.

In a statement issued on Friday by the Acting Director of Corporate Communications, Hakama Ali, the bank cited a Supreme Court ruling delivered on 29 November 2023, which permits the concurrent circulation of all versions of the affected denominations without any deadline.

It said the clarification follows widespread misinformation regarding the validity of the old notes.

“The Central Bank of Nigeria (CBN) has observed the misinformation regarding the validity of the old N1000, N500, and N200 banknotes currently in circulation.

“In line with the Bank’s previous clarifications and to offer further assurance, the CBN wishes to reiterate that the subsisting Supreme Court ruling granted on 29 November 2023 permits the concurrent circulation of all versions of the N1000, N500, and N200 denominations of the Naira indefinitely.

“For the avoidance of doubt, all versions of the naira, including the old and new designs of N1000, N500, and N200 denominations, as well as the commemorative and previous designs of the N100 denomination, remain valid and continue to be legal tender without any deadlines,” the bank stated.

The CBN urged the public to disregard claims suggesting the old series of these denominations would cease to be valid at the end of this year.

Instead, it advised Nigerians to continue accepting all naira notes, whether redesigned or otherwise, for daily transactions.

The bank also encouraged the adoption of alternative payment methods such as electronic channels to reduce the pressure on physical cash usage.

This reassurance comes amidst lingering uncertainty surrounding the currency redesign programme introduced in late 2022, which disrupted economic activities and resulted in a legal battle at the Supreme Court.

Earlier in the year, the House of Representatives said 31 December was the deadline for old naira notes to cease being legal tender.

But the CBN in a swift response directed all its branches to continue to issue and accept all banknotes.

PREMIUM TIMES