By Yahaya Sule, Abuja
The Central Bank of Nigeria (CBN) has reaffirmed that the old N1000, N500, and N200 banknotes remain valid and legal tender across the country.
In a statement issued on Friday, CBN spokesperson Hakama Sidi Ali addressed recent concerns and clarified the status of the banknotes.
CBN’s comments follow growing reports of cash scarcity, despite the central bank’s directive to Nigerian banks to ensure cash availability in Automated Teller Machines (ATMs).
The CBN also responded to circulating misinformation, stressing that all versions of the N1000, N500, and N200 notes are valid, as outlined by a Supreme Court ruling on November 29, 2023. The ruling allows for the concurrent circulation of the old and new notes indefinitely.
“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 read.
For further clarity, the CBN emphasized that both the old and new versions of these denominations, along with the commemorative and previous designs of the N100 note, remain valid and continue to be legal tender without any expiration date.
“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. 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,” the CBN added.
The central bank also encouraged Nigerians to embrace alternative payment methods, such as e-banking channels, to ease the pressure on physical cash usage.
“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 concluded.
Despite the CBN’s efforts to address the situation, cash shortages have persisted across the country in recent weeks. The October 2024 clarification reaffirmed that there is no deadline for the use of the old banknotes.
This follows a Supreme Court ruling during the tenure of former CBN Governor Godwin Emefiele, which allowed the old and new Naira notes to coexist.