CBN Confirms Old Naira Notes Remain Valid Indefinitely

The Central Bank of Nigeria (CBN) has announced that both the old and redesigned N1,000, N500, and N200 notes will continue to be legal tender indefinitely, dispelling rumors of a 31 December deadline for phasing out the old notes.

In a statement released on Friday by the CBN’s Acting Director of Corporate Communications, Hakama Ali, the bank referred to a Supreme Court ruling from 29 November 2023, which allows all versions of these denominations to circulate together without a deadline for discontinuation.

The statement read: “The Central Bank of Nigeria (CBN) has observed widespread misinformation about the validity of the old N1,000, N500, and N200 notes. In line with the Bank’s earlier clarifications, and to provide further assurance, the CBN wishes to reiterate that the Supreme Court ruling of 29 November 2023 allows the concurrent use of all versions of the N1,000, N500, and N200 notes indefinitely.”

It added: “For clarity, all versions of the Naira, including the old and new designs of N1,000, N500, and N200 notes, as well as the commemorative and previous designs of the N100 note, remain valid and legal tender with no expiration date.”

The CBN urged Nigerians to disregard any claims that the old naira notes would become invalid after 31 December 2024, advising the public to continue accepting all versions of these notes for everyday transactions.

The bank also encouraged the use of electronic payment methods to reduce the reliance on physical cash.

This clarification comes after ongoing confusion over the currency redesign program introduced in late 2022, which disrupted economic activities and led to a legal battle in the Supreme Court. Earlier this year, the House of Representatives had suggested that the old notes would no longer be valid after 31 December, but the CBN quickly responded by directing its branches to accept all bank notes.