The CBN reiterates the perpetual validity of N1000, N500, and N200 as legal tenders.
The Apex bank announced this in a press release signed by Hakama Sidi Ali, its Ag. Director of Corporate Communications, on its official page on X.
“The CBN would like to restate that the Supreme Court’s November 29, 2023, ruling allows for the continuous circulation of all N1000, N500, and N200 naira denominations indefinitely.” It said.
Further stating that versions of the naira, including the old and new designs of N1000, N500 and N200 as well as commemorative and previous designs of N100 denominations would remain valid and continue to be legal tenders without any deadline.
The announcement put an end to speculation that the old naira notes might phase out on December 31.
“Therefore, we advise the public to ignore any claims that the aforementioned old series will no longer be legal tenders on December 31, 2024,” the statement stated.
In order to relieve pressure on cash usage, the CBN encouraged Nigerians to accept both the old and redesigned naira notes for everyday transactions and to adopt alternate payment methods including e-channels.
