The Central Bank of Nigeria (CBN) has reaffirmed that both the old and new designs of the ₦1000, ₦500, and ₦200 notes, as well as the previous and commemorative ₦100 banknotes, remain valid and continue to be legal tender indefinitely.
In a statement issued by Mrs. Sidi Ali Hakama, the CBN’s Acting Director of Corporate Communications, the bank addressed circulating misinformation regarding the continued acceptance of the old banknotes.
The CBN clarified that these notes will not lose their legal tender status on December 31, 2024, as some claims have suggested.
“The Central Bank of Nigeria has observed the recent misinformation about the validity of the old ₦1000, ₦500, and ₦200 banknotes in circulation.
As per the Supreme Court ruling on November 29, 2023, all versions of these banknotes remain legal tender without a set deadline,” the statement explained.
The CBN reiterated that both the old and new designs of the ₦1000, ₦500, and ₦200 notes, along with the commemorative and previous ₦100 notes, should continue to be accepted for transactions across the country.
The public was urged to disregard any false information suggesting otherwise.
In addition, the CBN encouraged Nigerians to consider alternative payment methods, such as electronic channels, to reduce reliance on physical cash and ease the pressure on currency usage.
