CBN overrules House of Reps, says old Naira valid beyond January 2025

Nigeria’s apex bank, the Central Bank of Nigeria (CBN) has clarified that the old 200, 500, and 1,000 naira banknotes will remain valid indefinitely.

This is contrary to an order and claims that they will cease to be legal tender by December 31, 2024.

This announcement counters the House of Representatives’ directive to withdraw the old notes from circulation by January 1, 2025.

According to Sidi Hakama, CBN’s acting Director of Corporate Communications, reports suggesting the old notes will lose their validity are false and aimed at disrupting the country’s payment system.

The CBN’s stance is strengthened by the Supreme Court’s ruling on November 29, 2023, which granted the Attorney-General’s prayer to extend the use of old naira banknotes indefinitely.

This development follows the earlier controversy surrounding the redesigned naira notes, which led to a cash shortage and hardships for citizens in February 2023.

The CBN had initially announced plans to phase out the old notes, but the Supreme Court’s intervention allowed for their continued use.

The House of Representatives had urged the CBN to ensure the complete withdrawal of old notes before January 1, 2025, citing concerns over public sensitization and potential hardships.

However, the CBN’s latest statement reassures Nigerians that both old and new notes will remain legal tender, alleviating fears of another chaotic currency swap.

The CBN also emphasized its commitment to a gradual phase-out of the previous Naira notes to avoid causing unnecessary hardship for citizens.

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