On Wednesday, November 29, 2023, the Supreme Court of Nigeria issued an order extending the use of old naira banknotes, which the CBN noted remains in effect indefinitely.
Reports that the old series of N200, N500, and N1,000 banknotes will no longer be accepted as legal tender by December 31, 2024, have been refuted by the Central Bank of Nigeria.
The CBN stated in a statement issued Thursday by Sidi Hakama, acting director of corporate communications, that the Supreme Court of Nigeria’s ruling on Wednesday, November 29, 2023, to continue using old naira banknotes remains in effect indefinitely.
“Discussions at various forums have brought the Central Bank of Nigeria’s (CBN) attention to the idea that the old series of N200, N500, and N1,000 banknotes will no longer be accepted as legal tender on December 31, 2024. We would like to reiterate unequivocally that these claims are untrue and intended to interfere with the nation’s payment system.To be clear, the Supreme Court of Nigeria’s ruling on Wednesday, November 29, 2023, approving the Attorney-General of the Federation and the Minister of Justice’s request to allow the use of old Naira banknotes indefinitely, remains in effect.
“In a similar vein, all of the CBN’s branches are still required to issue and accept all denominations of Nigerian banknotes, both old and redesigned, to and from deposit money banks (DMBs).”Alongside the redesigned notes, the Supreme Court ruled that the previous series of N200, N500, and N1,000 banknotes would remain legal tender.
Accordingly, the CBN said all banknotes issued by it will continue to remain legal tender indefinitely.Therefore, we urge the public to ignore rumours that the aforementioned banknote series will no longer be accepted as legal tender on December 31, 2024. We implore Nigerians to keep using all Naira banknotes, whether they are new or old, for daily transactions and to treat them with the highest care in order to preserve their lifespan.Emphasising that such reports are untrue and meant to interfere with the country’s payment system, the public is also urged to adopt electronic channels as an alternative to cash in order to lessen the demand for physical currency.