CBN Reiterates Validity of Old Series of Naira Denominations

By Oluwakemi Kindness

The Central Bank of Nigeria (CBN) on Friday refuted misinformation regarding the validity of the old ₦1000, ₦500, and ₦200 banknotes currently in circulation.

The apex Bank said in line with the it’s previous clarifications, it is reiterating that the subsisting Supreme Court ruling granted on November 29, 2023, permits the concurrent circulation of all versions of the ₦1000, ₦500, and ₦200 denominations of the Naira indefinitely.

According to a statement on Friday by the Ag. Director, Corporate Communications, Sidi Ali, Hakama, 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 deadline.

“We, therefore, advise the public to disregard any claims that the old series of the aforementioned banknotes will cease to be legal tender on December 31, 2024”.

“We urge Nigerians to continue accepting all Naira banknotes (both old and redesigned) for their daily transactions and to handle them with care to ensure their longevity”.

Furthermore, the statement urged the general public to embrace alternative modes of payment, such as e-channels, to reduce pressure on using physical cash.

END

Photo credit…….X