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The Central Bank of Nigeria (CBN) has reiterated that all versions of the naira, including the old and new N1000, N500, and N200 notes, as well as the commemorative and previous designs of the N100 note, remain valid legal tender with no expiration date.
In a statement issued on Friday, Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, dismissed the widespread claims suggesting a December 31, 2024, deadline for using old banknotes, labeling such assertions as misinformation.
The CBN emphasized that this clarification aligns with the Supreme Court’s ruling from November 29, 2023, which allows for the indefinite concurrent circulation of all versions of these denominations.
“The Bank’s previous clarifications, along with this additional assurance, CBN affirm that the Supreme Court ruling granted on November 29, 2023, permits the indefinite concurrent circulation of all N1000, N500, and N200 denominations of the naira,” the statement read.
In addition, the CBN encouraged the public to embrace alternative payment methods, such as electronic channels, to minimize reliance on physical cash.
This clarification from the CBN is intended to dispel confusion and facilitate smooth economic activities amidst the simultaneous circulation of both old and redesigned naira banknotes.
