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CBN Reiterates Validity of Old Naira Notes Amid Circulation Concerns
By Amaechi Okoro

The Central Bank of Nigeria (CBN) has issued a fresh update to clarify the continued validity of old Naira notes in the country.
This clarification was disclosed in a statement released by Mrs. Hakama Sidi Ali, the Acting Director of Corporate Communications at the CBN, on Friday.
The update, obtained by Diaspora Digital Media, underscores the apex bank’s commitment to abiding by the Supreme Court ruling on the concurrent use of old and redesigned Naira notes.
This clarification addresses growing public confusion regarding the status of the old N1000, N500, and N200 notes.
In its statement, the CBN reiterated the Supreme Court’s decision, issued on November 29, 2023, which permits the indefinite circulation of all versions of these denominations as legal tender.
“The Central Bank of Nigeria (CBN) has observed the misinformation regarding the validity of the old N1000, N500, and N200 banknotes currently in circulation.
In line with the Bank’s previous clarifications and to offer further assurance, the CBN wishes to reiterate that the subsisting Supreme Court ruling granted on November 29, 2023, permits the concurrent circulation of all versions of the N1000, N500, and N200 denominations of the Naira indefinitely,” the statement reads.
Historically, the Naira has undergone several redesigns and reissues since its introduction in 1973, replacing the British pound as Nigeria’s official currency.
The N1000 note, the highest denomination, was first introduced in 2005 as part of the currency’s modernization to facilitate high-value transactions.
Similarly, the N500 and N200 notes were introduced in 2001 and 1999, respectively, to address inflationary pressures and ensure efficiency in cash transactions.
Over the years, the CBN has periodically redesigned these notes to combat counterfeiting and improve their durability.
The most recent redesign, unveiled in late 2022, aimed to enhance security features and encourage the adoption of cashless payment systems.
However, the transition to the new notes sparked widespread controversy, with complaints of limited availability leading to severe cash shortages across the country.
To address these challenges, the Supreme Court ruled that both old and redesigned notes should remain in circulation indefinitely, allowing citizens to use either version without restrictions.
In its latest clarification, the CBN emphasized its commitment to implementing this ruling.
“For the avoidance of doubt, all versions of the Naira, including the old and new designs of the N1000, N500, and N200 denominations, as well as the commemorative and previous designs of the N100 denomination, remain valid and continue to be legal tender without any deadline,” the statement stressed.
The CBN also urged the public to disregard claims that the old Naira notes would cease to be legal tender by December 31, 2024.
It reassured Nigerians that all denominations, both old and redesigned, are acceptable for daily transactions.
In addition, the apex bank encouraged citizens to embrace digital payment channels to reduce dependency on physical cash. “We urge Nigerians to continue accepting all Naira banknotes (both old and redesigned) for their daily transactions and to handle them with care to ensure their longevity.
Furthermore, the general public is encouraged to embrace alternative modes of payment, such as e-channels, to reduce pressure on using physical cash,” the statement added.
The CBN’s commitment to the indefinite validity of the old Naira notes reflects its effort to stabilize the economy and restore confidence in the nation’s currency.
As Nigeria continues its journey toward a cashless society, the proper handling of physical cash and the adoption of digital payment solutions remain crucial for economic growth and financial inclusivity.
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