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The Central Bank of Nigeria (CBN) has clarified that there is no set deadline for the use of old N200, N500, and N1,000 notes, reaffirming that they remain legal tender indefinitely.
In a statement released on Thursday in Abuja, Acting Director of Corporate Communications at the CBN, Hakama Sidi Ali, addressed social media reports suggesting that December 31 had been set as a cutoff date for the old notes. Sidi Ali emphasized that these claims are untrue, and the Supreme Court’s ruling extending the use of these notes indefinitely remains in effect.
“Our attention has been drawn to misleading discussions stating that old Naira notes will cease to be legal tender by December 31,” Sidi Ali said. “We categorically state that such claims are false and intended to disrupt the country’s payment system.”
She further explained that, in line with the Supreme Court’s order, the CBN has directed all its branches to continue issuing and accepting the old Naira notes from deposit money banks (DMBs), reiterating that these notes remain valid alongside the redesigned versions.
The CBN also urged the public to continue using both old and redesigned Naira notes in their transactions and to handle them carefully to maintain their condition and longevity. “We encourage Nigerians to adopt alternative electronic payment methods to reduce dependency on physical cash,” Sidi Ali added.
The Supreme Court had previously ruled that the old N200, N500, and N1,000 banknotes remain legal tender indefinitely, allowing for their continued use alongside the redesigned currency. Accordingly, all CBN-issued banknotes remain valid and usable across Nigeria.
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