By The Central Bank of Nigeria (CBN) announced on Thursday that the old N200, N500, and N1,000 banknotes will remain valid indefinitely, refuting claims of their expiration by December 31, 2024. Acting Director of Corporate Communications Sidi Hakama dismissed these reports as misinformation aimed at disrupting Nigeria’s payment system.
In a statement, the CBN clarified: “There are false discussions suggesting that old N200, N500, and N1,000 notes will no longer be legal tender by the end of 2024. This is categorically untrue and intended to destabilize our financial system.” The bank pointed to a Supreme Court ruling from November 29, 2023, which extended the use of old naira notes without a set expiration date.
The CBN reiterated its commitment to the circulation of both old and redesigned banknotes, stressing that all denominations remain legal tender indefinitely. The CBN also urged Nigerians to ignore misinformation, continue using both old and new banknotes, and adopt alternative payment channels to reduce demand for physical cash.
This clarification follows public concerns and recent discussions in the House of Representatives, which called on the CBN to facilitate a gradual phase-out of old notes, ensuring the availability of redesigned currency.
