The Central Bank of Nigeria (CBN) has insisted that all banknotes issued it will continue to remain legal tender indefinitely
It stated that this in line with the order of the Supreme Court of Nigeria on Wednesday, November 29, 2023, granting the prayer of the Attorney-General of the Federation and
Minister of Justice to extend the use of old Naira banknotes ad infinitum.
Spokesperson of the Apex bank, Mrs Hakama Sidi Ali, in a statement on Thursday said the Supreme Court order subsists.
“The attention of the Central Bank of Nigeria (CBN) has been drawn to discussions at different fora suggesting that the old series of the N200, N500, and N1,000 banknotes shall cease to be legal tender on December 31, 2024. We wish to state categorically that such claims are false and calculated to disrupt the country’s payment system.
“For the avoidance of doubt, the order of the Supreme Court of Nigeria on Wednesday, November 29, 2023, granting the prayer of the Attorney-General of the Federation and
Minister of Justice to extend the use of old Naira banknotes ad infinitum, subsists.”
Sidi-Alli added that branches of the CBN have been directed to continue to issue and accept all denominations of the old and the redesigned the Nigerian banknotes
“Similarly, the CBN’s directive to all its branches to continue to issue and accept all denominations of Nigerian banknotes, old and re-designed, to and from deposit money banks (DMBs) remains in force,” She said.
It will be recalled that the Supreme Court ordered that the old series of N200, N500, and N1,000 banknotes shall continue to be legal tender alongside the redesigned versions.
Accordingly,
The CBN, therefore, advise members of the public to disregard suggestions that the said series of
banknotes will cease to be legal tender on December 31, 2024. We urge Nigerians to continue to accept all Naira banknotes (old or redesigned) for their day-to-day transactions
and handle them with the utmost care to safeguard and protect their lifecycle.
It further encourages the general public to embrace alternative modes of payment, echannels, in order to reduce pressure on the use of physical cash.
