All Versions of Naira Notes Remain Legal Tender, No Expiry Date
The Central Bank of Nigeria (CBN) has reassured the public that all versions of the naira, including the old and new N1000, N500, N200 notes, as well as the commemorative and previous designs of the N100 note, remain valid and legal tender with no expiration date.
In a statement issued on Friday, Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications, refuted rumors of a December 31, 2024, deadline for the use of old banknotes, calling these claims misinformation.
The CBN’s clarification aligns with the Supreme Court ruling of November 29, 2023, which permits the indefinite circulation of both old and new naira notes of these denominations.
“The Bank’s previous clarifications and to offer further assurance, the CBN wishes to reiterate that the subsisting Supreme Court ruling granted on November 29, 2023, permits the concurrent circulation of all versions of the N1000, N500, and N200 denominations of the Naira indefinitely,” the statement read.
The CBN urged Nigerians to disregard any conflicting information and continue to accept all naira banknotes for daily transactions.
“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,” Mrs. Ali emphasized.
Additionally, the central bank encouraged the public to embrace alternative payment methods, such as electronic channels, to reduce reliance on physical cash.
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