The Central Bank of Nigeria (CBN) has confirmed that the N1000, N500, and N200 denominations will remain valid as legal tender indefinitely.
This declaration follows a ruling by the Supreme Court on November 29, 2023, allowing the concurrent circulation of both old and new versions of these naira notes.
In a press release issued on Friday, the CBN addressed rumors suggesting that the old notes would be phased out by December 31, 2024.
The statement emphasized that all versions of the N1000, N500, and N200 notes, including the old and new designs as well as commemorative and previous versions of the N100 denominations, would continue to be accepted without any expiration date.
“The CBN wishes to reiterate that the subsisting ruling granted by the Supreme Court on November 29, 2023, permits the concurrent circulation of all versions of N1000, N500 and N200 denominations of the naira indefinitely,” the statement said.
Additionally, the CBN advised the public to disregard any claims that the old series of the aforementioned denominations would no longer be legal tender after December 31, 2024.
“We therefore advise the public to disregard any claims that the old series of the aforementioned will cease to be legal tenders on December 31, 2024,” it added.
The Apex bank also urged Nigerians to continue using both the old and new naira notes for daily transactions while promoting the adoption of digital payment methods, such as e-channels, to reduce reliance on cash.
