The Central Bank of Nigeria (CBN) has reaffirmed that all naira denominations—including the commemorative and earlier designs of the ₦100 denomination, as well as the new and old designs of the ₦1000, ₦500, and ₦200 denominations—remain legal money with no expiration date.
In a statement signed by Mrs. Sidi Ali Hakama, its Acting Director, Corporate Communications, the CBN stated that the purpose of the reiteration is to correct misunderstandings about the legality of the old ₦1000, ₦500, and ₦200 banknotes that are still in use.
Claims that the old series of the aforementioned banknotes will no longer be legal currency on December 31, 2024, should be ignored, the top bank cautioned the public.
The statement reads, “The Central Bank of Nigeria (CBN) has observed the misinformation regarding the validity of the old ₦1000, ₦500, and ₦200 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 November 29, 2023, permits the concurrent circulation of all versions of the ₦1000, ₦500, and ₦200 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 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.”
Live with Purpose, Love with Passion. Remember to be happy
One ❤️❤️❤️
Rose Ajieh
