There is no deadline… Old naira notes remain legal currency – CBN

The public has been informed by the Central Bank of Nigeria (CBN) that the old and redesigned naira notes will remain legal tender indefinitely.

CBN’s Acting Director of Corporate Communications, Hakama Sidi Ali, addressed the persistent misunderstandings over the legality of the old N1000, N500, and N200 banknotes that are still in use in a statement released on Friday.

According to Ali, any assertions implying an expiration date are rejected by the Supreme Court’s November 29, 2023, order.

This order, according to source, allows the concurrent usage of all versions of the impacted denominations indefinitely.

“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 #1000, #500, and #200 denominations of the Naira indefinitely”, CBN said.

“For the avoidance of doubt, all versions of the naira, including the old and new designs of 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.

“We, therefore, advise the public to disregard any claims that the old series of the aforementioned banknotes will cease to be legal tender on December 31, 2024”.

She asked Nigerians to keep using all naira banknotes for everyday transactions.

She also encouraged them to treat them carefully to prolong their useful life.

In order to lessen their need on actual currency, Ali also suggested that people use electronic banking and other payment methods.

Earlier, Diaspora Digital Media report that…

The Central Bank of Nigeria (CBN), the country’s top bank, has stated that the old 200, 500, and 1,000 naira notes will always be legal.

They assert that they will no longer be accepted as legal tender by December 31, 2024, which runs counter to a ruling.

The House of Representatives’ order to remove the old notes from circulation by January 1, 2025, is being countered by this announcement.

Reports that the old notes will no longer be valid are untrue and intended to cause disruptions in the nation’s financial system, according to CBN’s interim Director of Corporate Communications, Sidi Hakama.

The Supreme Court’s decision on November 29, 2023, which approved the Attorney-General’s request to allow the continued use of existing naira banknotes indefinitely, supports the CBN’s position.

This comes after the earlier dispute over the redesigned naira notes, which caused Nigerians to suffer in February 2023 due to a cash shortage.

The Supreme Court’s intervention permitted the old notes to remain in circulation even though the CBN had originally stated that it intended to phase them out.

Citing worries about public awareness and possible challenges, the House of Representatives had urged the CBN to guarantee the full removal of old notes by January 1, 2025.

Nigerians’ concerns about another disorderly currency swap are allayed by the CBN’s most recent announcement, which promises them that both old and new notes would continue to be legal money.

In order to spare citizens needless suffering, the CBN also underlined its resolve to phasing out the old Naira notes gradually.

For Diaspora Digital Media Updates click on Whatsapp, or Telegram. For eyewitness accounts/ reports/ articles, write to: citizenreports@diasporadigitalmedia.com. Follow us on X (Fomerly Twitter) or Facebook