By Chris Agabi
The Central Bank of Nigeria (CBN) has reinstated that the old N1000, N500, and N200 denomination in f the naira remains valid indefinitely.
The CBN clarified that the news making the round the old notes would seize to be legal tender by the end of 2024 is fake and should be discountenanced.
A statement signed by Mrs. Sidi Ali, Hakama, the Ag. Director, Corporate Communications at the apex bank read:
“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 November 29,2023,permits the concurrent circulation of all versions of the N1000, N500,and N200denominations of the Naira indefinitely.
“For the avoidance of doubt, all versions of the naira, including the old and new designs of NN1000,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 deadline.
“We, therefore, advise the public to disregard any claims that the old series of the aforementioned banknotes will cease to be legal tender on December 31,2024. 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.
“Furthermore, the general public is encouraged to embrace alternative modes of payment,such as e-channels, to reduce pressure on using physical cash” the statement concluded.
