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The Central Bank of Nigeria (CBN) has refuted recent claims suggesting that the old N200, N500, and N1,000 banknotes will cease as legal tender by December 31, 2024.
In a statement released on Thursday by the acting Director of Corporate Communications, Sidi Hakama, the CBN clarified that the Supreme Court of Nigeria’s order on Wednesday, November 29, 2023, which extends the use of old naira banknotes indefinitely, remains in effect.
“The Central Bank of Nigeria (CBN) has observed discussions circulating across various platforms regarding the cessation of legal tender status for the old series of N200, N500, and N1,000 banknotes by December 31, 2024. We wish to categorically state that such assertions are false and intended to disrupt the nation’s payment system.
“To reiterate, the Supreme Court of Nigeria’s decision on November 29, 2023, granting the Attorney-General of the Federation and Minister of Justice’s request to extend the use of old naira banknotes ad infinitum, continues to hold sway.
Additionally, the CBN’s directive to all branches remains unchanged, instructing them to continue issuing and accepting all denominations of Nigerian banknotes, both old and redesigned, to and from deposit money banks (DMBs).”
The statement comes in response to recent resolutions from the House of Representatives, urging the CBN to increase the availability of new N200, N500, and N1,000 notes while gradually phasing out old notes from circulation. The House emphasized the importance of awareness programs to prepare Nigerians for the approaching deadline of December 31, 2024, as mandated by the Supreme Court.
Adam Victor Ogene (LP, Anambra), leading the debate, highlighted past challenges during the CBN’s currency change in 2023 and expressed concerns over the lack of public sensitization for the upcoming policy change. He emphasized the need for the CBN to initiate widespread awareness campaigns through various media channels to ensure readiness among Nigerians ahead of the deadline.
