CBN Re-Affirms Validity Of Old N1000, N500, And N200 Banknotes

Abuja, NNigeriaThe Central Bank of Nigeria (CBN) has issued a statement clarifying that old N1000, N500, and N200 banknotes remain legal tender, dismissing circulating misinformation suggesting otherwise.

The statement, released Friday by Acting Director of Corporate Communications, Mrs. Sidi Ali Hakama, reiterates that a Supreme Court ruling from November 29, 2023, allows these notes to remain in circulation indefinitely.

The CBN’s clarification directly addresses rumors that the old banknotes would become invalid by December 31, 2024.

The bank emphatically stated that all versions of the N1000, N500, and N200 notes, including older designs, are valid and legal tender without any expiration date. This includes commemorative and previous designs of the N100 note.

The statement urged Nigerians to disregard any claims to the contrary and to continue accepting both old and redesigned banknotes in all transactions.

The CBN also encouraged the public to utilize electronic payment methods to reduce reliance on physical cash.

The bank’s action comes amid growing concerns about misinformation spreading through various channels.

This latest clarification aims to reassure citizens and alleviate any uncertainty surrounding the currency’s legality.

The CBN emphasised its commitment to maintaining the integrity of the Naira and ensuring a smooth flow of transactions.