The Central Bank of Nigeria (CBN) has addressed recent misinformation about the validity of the old N1000, N500, and N200 banknotes still in circulation.
A statement signed by Sidi Ali Hakama, acting director of corporate communications, reaffirmed that these denominations remain valid legal tender in line with a Supreme Court ruling issued on November 29, 2023.
The ruling permits the indefinite circulation of all versions of the N1000, N500, and N200 denominations, including the old and redesigned notes, as well as the commemorative and earlier designs of the N100 denomination.
The CBN said that there is no deadline for the use of these notes, urging the public to disregard any claims suggesting they will cease to be legal tender by December 31, 2024.
The CBN encouraged Nigerians to accept all Naira banknotes for transactions and to handle them responsibly to maintain their quality. Additionally, the bank reiterated its call for increased adoption of alternative payment methods, such as electronic channels, to reduce reliance on physical cash.
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