The Central Bank of Nigeria (CBN) has refuted circulating rumours claiming that the old N200, N500, and N1000 notes will cease to be legal tender after December 31, 2024.
In a statement signed by Acting Director of Corporate Communications, Sidi Ali Hakama, the CBN described these claims as false and aimed at disrupting the country’s payment system. The Bank emphasized that the topic had recently been discussed at various forums, causing unnecessary concern among the public.
The CBN reminded the public of a 2023 Supreme Court ruling, which remains in force. “For the avoidance of doubt, the Supreme Court of Nigeria’s order on November 29, 2023, granting the Attorney-General’s request to extend the use of old Naira banknotes indefinitely, remains in effect,” the statement read.
The CBN also reiterated that its directive to all branches to continue issuing and accepting all denominations of Nigerian banknotes—old and redesigned—from deposit money banks (DMBs) remains valid.
The Supreme Court had previously ordered that the old N200, N500, and N1,000 banknotes should remain in circulation alongside the redesigned versions. Accordingly, the CBN confirmed that all banknotes it issues will continue as legal tender indefinitely.
“We advise the public to disregard suggestions that these banknotes will cease to be legal tender on December 31, 2024,” the CBN said. “We urge Nigerians to continue accepting all Naira banknotes, both old and redesigned, in their transactions and to handle them with care to ensure their longevity.”
The CBN also encouraged Nigerians to embrace electronic payments as an alternative to cash, noting that electronic channels can help alleviate pressure on physical cash usage.
In 2022, former CBN Governor Godwin Emefiele announced plans to redesign the N200, N500, and N1000 denominations, initially setting a January 31, 2023 deadline for exchanging old notes for new ones. The redesign aimed to curb corruption, counter currency fraud, reduce kidnapping for ransom, lower inflation, and address the issue of excess cash circulation.
However, the deadline was extended, leading to a cash scarcity that impacted many Nigerians between March and April 2023. The Supreme Court’s later ruling provided clarity, allowing the continued use of both old and new notes.
