The Central Bank of Nigeria (CBN) has emphatically addressed widespread speculation about the status of old naira banknotes, providing definitive clarity on their legal tender validity.
In a statement signed by Mrs. Sidi Ali Hakama, the Acting Director of Corporate Communications, the apex bank categorically affirmed that multiple versions of the national currency continue to be legally recognized for transactions.
“The Central Bank of Nigeria has observed misinformation regarding the validity of the old ₦1000, ₦500, and ₦200 banknotes currently in circulation,” the official communication stated.
The CBN specifically referenced the Supreme Court ruling from November 29, 2023, which permits the concurrent circulation of all versions of the ₦1000, ₦500, and ₦200 denominations indefinitely.
“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 deadline,” the bank emphasized.
Addressing potential public confusion, the CBN explicitly advised citizens to disregard any claims suggesting the old series of banknotes would become invalid on December 31, 2024.
The bank further encouraged Nigerians to accept all naira banknotes—both old and redesigned—for daily transactions, while also recommending careful handling to ensure currency longevity.
As part of its broader financial strategy, the CBN urged the public to explore alternative payment methods, particularly electronic channels, to reduce reliance on physical cash.
