The Central Bank of Nigeria has confirmed there is no deadline for using old naira notes, dismissing rumors of a December 31, 2024 cutoff. Both old and redesigned naira bills remain legal tender indefinitely, in line with a Supreme Court ruling, and the CBN encourages digital payment alternatives
The Central Bank of Nigeria (CBN) has clarified that there is no set deadline for the circulation of old naira notes, refuting claims that the N200, N500, and N1,000 bills would cease to be legal tender by December 31, 2024. The statement, released by Acting Director of Corporate Communication Hakama Sidi, emphasizes that such rumors are false and intended to disrupt Nigeria’s payment system.
According to Sidi, the Supreme Court’s order from November 29, 2023, allowing old naira notes to remain in circulation indefinitely, remains in effect. Additionally, the CBN has directed all branches to continue issuing and accepting both old and redesigned naira denominations from deposit money banks.
The CBN urges the public to disregard any misinformation suggesting an end date for using old naira bills. This includes an advisory for Nigerians to keep accepting all naira notes for daily transactions and handle them with care to prolong their lifecycle.
To further ease reliance on physical currency, the CBN also encourages Nigerians to adopt electronic payment channels. This shift aims to reduce the strain on cash transactions and ensure smoother operations in the financial system.
