By Our Correspondent
The Central Bank of Nigeria (CBN) has observed misinformation regarding the validity of the old ₦1000, ₦500, and ₦200 banknotes currently in circulation. To clarify, the bank wishes to reiterate that the Supreme Court's ruling, granted on November 29, 2023, permits the concurrent circulation of all versions of the ₦1000, ₦500, and ₦200 denominations of the Naira indefinitely.
This clarification is contained in a statement by Sidi Ali, Hakama (Mrs.), the Acting Director of Corporate Communications, who assured that all versions of the naira, including old and new designs of N1000, N500, and N200 denominations, as well as commemorative and previous designs of the N100 denomination, remain valid and continue to be legal tender without any deadline.
The apex bank advises the public to disregard claims that the old series of the aforementioned banknotes will cease to be legal tender on December 31, 2024. Instead, Nigerians are urged to continue accepting all Naira banknotes (both old and redesigned) for daily transactions and to handle them with care to ensure their longevity.
Furthermore, the general public is encouraged to explore alternative payment modes, such as e-channels, to reduce pressure on physical cash usage
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