Yemisi Izuora
The Central Bank of Nigeria (CBN) has declared that existing oil and new N1,000, N500 and N200 Naira notes are valid and should be in circulation.
The Bank urged the public to disregard the misinformation in circulation regarding the old Naira notes.
A statement signed by Sidi Ali Hakama, the Ag. Director, Corporate Communications of the Bank said that this is in line with the Bank’s previous clarifications.
“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, she stressed.
“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.” clarified the statement.
She further advised the general public to embrace alternative modes of
payment, such as e-channels, to reduce pressure on using physical cash.