In response to circulating rumours suggesting the discontinuation of old naira notes, ₦200, ₦500, ₦1,000, by December 31, 2024, the Central Bank of Nigeria (CBN) has issued a strong rebuttal, labelling such claims as false and designed to create confusion within the nation’s payment system.
Acting Director of Corporate Communications, Mrs Sidi Ali Hakama in a statement on Thursday, emphasised that these rumours misrepresent the Supreme Court’s recent ruling from November 29, 2023.
The ruling, obtained through the Attorney-General of the Federation and Minister of Justice, upholds the indefinite use of both old and redesigned banknotes, thereby safeguarding their legal status for all financial transactions in Nigeria.
PRESS RELEASE – No Deadline On Circulation of Old Series of Naira Banknotes. pic.twitter.com/na7Klf0XhZ
— Central Bank of Nigeria (@cenbank) October 24, 2024
“The CBN’s directive to all branches to continue issuing and accepting all denominations of Nigerian banknotes—old and redesigned—remains firmly in place,” Mrs Hakama stated. “The Supreme Court’s order affirms that these notes will retain their status as legal tender indefinitely, allowing Nigerians to freely conduct transactions using any available Naira notes.”
To reduce pressure on physical cash, CBN also encouraged the public to explore alternative payment options such as e-channels, as part of the country’s broader digital finance initiative.