The Central Bank of Nigeria (CBN) has clarified that there is no deadline for the circulation of old naira notes, dismissing recent rumours suggesting that the old series of N200, N500, and N1,000 banknotes would cease to be legal tender on 31st December 2024.
In a press statement issued by Mrs. Sidi Ali Hakama, the Acting Director of Corporate Communications for the CBN, the bank described the reports as false and aimed at disrupting the country’s payment system. The statement emphasised that the CBN remains bound by a Supreme Court order allowing the continued use of old naira notes alongside the redesigned versions indefinitely.
“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, all banknotes issued by the Central Bank of Nigeria (CBN) will continue to remain legal tender indefinitely,” the statement read.
The controversy surrounding Nigeria’s banknotes began in 2022 when the CBN, under the leadership of then-Governor Godwin Emefiele, announced plans to redesign and introduce new versions of the N200, N500, and N1,000 denominations. Initially, the old notes were to remain valid until 31st January 2023. However, the policy sparked widespread challenges as many Nigerians struggled to obtain the new notes, leading to economic hardships across the country.
Following his inauguration on 29th May 2023, President Bola Tinubu relaxed the policy, allowing for a smoother transition between the old and redesigned notes. Recent speculation of a new deadline for the old notes resurfaced after a motion in the House of Representatives, led by Adam Victor Ogene (LP, Anambra), called for increased circulation of the new notes and a gradual phase-out of the old ones. The House also urged the CBN to initiate awareness programmes to inform Nigerians about the alleged deadline of 31st December 2024.
However, the CBN’s statement firmly rejected this, reaffirming its earlier position that “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.”
The bank also advised Nigerians to disregard any information suggesting a deadline for the use of old naira notes, urging the public to accept all versions of the currency in their daily transactions. Additionally, the CBN encouraged the adoption of alternative payment methods and e-channels to alleviate reliance on physical cash and ensure a more efficient payment system.
The CBN’s assurance aims to provide clarity and stability within Nigeria’s financial sector, underscoring its commitment to compliance with the Supreme Court’s directives and ensuring a seamless co-existence of both old and redesigned naira notes.
