The Central Bank of Nigeria (CBN) has debunked reports that the circulation of old naira notes will cease from the 31st of December 2024, News About Nigeria reports.
The acting Director of Corporate Communications, Sidi Hakama, made this known in a statement on Thursday.
The statement noted that the old series of N200, N500, and N1,000 banknotes will not cease to exist as legal tender by December 31, 2024.
The Bank noted that the order of the Supreme Court of Nigeria on Wednesday, November 29, 2023, to extend the use of old naira banknotes still holds indefinitely.
It also described the claims of the expiration of the old naira notes as false, adding that it is calculated to disrupt the country’s payment system.
The statement reads, “The attention of the Central Bank of Nigeria (CBN) has been drawn to discussions at different for a suggesting that the old series of the N200, N500, and N1,000 banknotes shall cease to be legal tender on December 31, 2024. We wish to state categorically that such claims are false and calculated to disrupt the country’s payment system.
“For the avoidance of doubt, the order of the Supreme Court of Nigeria on Wednesday, November 29, 2023, granting the prayer of the Attorney-General of the Federation and Minister of Justice to extend the use of old Naira banknotes ad infinitum, subsists.
“Similarly, the CBN’s directive to all its branches to continue to issue and accept all denominations of Nigerian banknotes, old and redesigned, to and from deposit money banks (DMBs) remains in force.
“We, therefore, advise members of the public to disregard suggestions that the said series of banknotes will cease to be legal tender on December 31, 2024. We urge Nigerians to continue to accept all Naira banknotes (old or redesigned) for their day-to-day transactions and handle them with the utmost care to safeguard and protect their lifecycle.
“Furthermore, the general public is encouraged to embrace alternative modes of payment, e-channels, in order to reduce pressure on the use of physical cash, emphasising that such reports are false and intended to disrupt the nation’s payment system.”
