Old ₦1000, ₦500, ₦200 notes remain valid, CBN reiterates
The Central Bank of Nigeria (CBN) has reaffirmed that all versions of the naira currency, including the old and redesigned ₦1000, ₦500, and ₦200 notes, as well as the commemorative and earlier designs of the ₦100 note, remain valid and continue to serve as legal tender indefinitely.
In a statement signed by the Acting Director of Corporate Communications, Mrs Sidi Ali Hakama, the apex bank dismissed claims suggesting the old series of these denominations would cease to be legal tender by December 31, 2024.
“The Central Bank of Nigeria (CBN) has observed the misinformation regarding the validity of the old ₦1000, ₦500, and ₦200 banknotes currently in circulation,” the statement read.
The CBN clarified that the Supreme Court ruling of November 29, 2023, allows for the concurrent circulation of all versions of the naira indefinitely, ensuring a seamless financial system for Nigerians.
The bank urged Nigerians to ignore false information about any deadlines for the old naira notes, advising the public to continue using all versions for transactions.
“For the avoidance of doubt, all versions of the naira, including the old and new designs of ₦1000, ₦500, and ₦200 denominations, as well as the commemorative and previous designs of the ₦100 denomination, remain valid and continue to be legal tender without any deadline,” the statement reiterated.
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The CBN further encouraged Nigerians to adopt alternative payment methods such as e-channels to reduce dependence on physical cash while stressing the importance of handling banknotes with care to ensure their longevity.
This clarification follows previous public confusion and speculation regarding the validity of the old naira notes, especially after the redesign process introduced last year.
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