Nigeria’s apex bank, the Central Bank of Nigeria, last weekend, restated the validity of the N1000, N500 and N200 old and new denominations as legal tender indefinitely.
This was made known in a press release by the Apex bank on its official page on X, signed by its Ag. Director of Corporate Communications, Hakama Sidi Ali.
The statement read, “The CBN wishes to reiterate that the subsisting ruling granted by the Supreme Court on November 29, 2023, permits the concurrent circulation of all versions of N1000, N500 and N200 denominations of the naira indefinitely.”
It also added that versions of the naira, including the old and new designs of N1000, N500 and N200 as well as commemorative and previous designs of N100 denominations would remain valid and continue to be legal tenders without any deadline.
The statement laid to rest rumors circulating that December 31 was the phasing out of the old naira notes.
“We therefore advise the public to disregard any claims that the old series of the aforementioned will cease to be legal tenders on December 31, 2024” it said.
The CBN urged Nigerians to continue to accept naira notes, both the old and the redesigned for daily transactions and also embrace alternative modes of payments such as e-channels, reducing pressure on cash usage.
