₦airaland Forum

The Central Bank of Nigeria (CBN) has reiterated that both the old and redesigned naira notes of N1,000, N500, and N200 denominations will remain legal tender indefinitely, putting to rest rumours of a 31 December deadline for the phasing out of the old notes.

In a statement issued on Friday by the Acting Director of Corporate Communications, Hakama Ali, the bank cited a Supreme Court ruling delivered on 29 November 2023, which permits the concurrent circulation of all versions of the affected denominations without any deadline.

It said the clarification follows widespread misinformation regarding the validity of the old notes.

“The Central Bank of Nigeria (CBN) has observed the misinformation regarding the validity of the old N1000, N500, and N200 banknotes currently in circulation.

“In line with the Bank’s previous clarifications and to offer further assurance, the CBN wishes to reiterate that the subsisting Supreme Court ruling granted on 29 November 2023 permits the concurrent circulation of all versions of the N1000, N500, and N200 denominations of the Naira indefinitely.

“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 deadlines,” the bank stated.

The CBN urged the public to disregard claims suggesting the old series of these denominations would cease to be valid at the end of this year.

Instead, it advised Nigerians to continue accepting all naira notes, whether redesigned or otherwise, for daily transactions.

The bank also encouraged the adoption of alternative payment methods such as electronic channels to reduce the pressure on physical cash usage.

Kukutente23:
Where are the notes

yoruboid:
See what Emefiele caused…



They are everywhere

Just withdrew mint notes at Stanbic in Ikoyi

Eriokanmi:
Nonsense. What has emefiele done, that the current CBN governor hasn't done? All I see is vendetta. Now that naira is scare again, they're keeping quiet because tinubu is in power. Like I said before, any group who stages a protest in lagos over any government after Tinubu's won't be taken seriously.
He's done worst things that could have caused Nigeria to shut down but they're defending him instead of criticising him.

Eriokanmi:
Nonsense. What has emefiele done, that the current CBN governor hasn't done? All I see is vendetta. Now that naira is scare again, they're keeping quiet because tinubu is in power. Like I said before, any group who stages a protest in lagos over any government after Tinubu's won't be taken seriously.
He's done worst things that could have caused Nigeria to shut down but they're defending him instead of criticising him.

haybhi1:
This whole rubbish started last year. It was the inept Emefiele that turned the country into turmoil then, naira redesign, just so thwart Tinubu succest and support Obi. Useless man. He threw the country into choas with naira scarcity, and today the Obi still lost like a third'er he's known for.

They were shouting this is nice, Tinubu won't be able to buy vote bla bla bla... like it's about buying votes to win presidency.

The banks too seem to be weaponizing all these bad things.

Helpfromabove1:
CBN should have resolved this issue
This mess was created over 1yr