BusinessNewsNigeriaCentral Bank Says No Expiration Date for Old Naira Notes

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The Central Bank of Nigeria, CBN)l, has dismissed reports suggesting that the old naira notes will cease to be legal tender by 31 December 2024.

In a statement issued on Thursday via its official social media accounts, the CBN’s acting Director of Corporate Communications, Sidi Ali Hakama, reaffirmed that both the old and redesigned N200, N500, and N1,000 notes will remain legal tender indefinitely as mandated by the Supreme Court on 29 November 2023.

The statement came in response to claims by the House of Representatives that the old naira notes would cease to be legal tender by the end of 2024, as earlier reported by Pilot News.

The apex bank clarified that it had instructed its branches to continue accepting and issuing all denominations of both the old and redesigned notes.

“The attention of the Central Bank of Nigeria (CBN) has been drawn to discussions at different fora 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,” the CBN said.

“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.”

The bank reiterated that its branches nationwide have been directed to continue issuing and receiving all naira denominations from deposit money banks.

“It will be recalled that the Supreme Court ordered that the old series of N200, N500, and N1,000 banknotes shall continue to be legal tender alongside the redesigned versions. Accordingly, all banknotes issued by the Central Bank of Nigeria (CBN) will continue to remain legal tender indefinitely.”

The CBN urged the public to disregard any claims regarding a specific deadline for the withdrawal of the old notes.

“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,” the statement read.

The apex bank also encouraged Nigerians to adopt alternative payment methods, including electronic channels, to ease pressure on cash usage.

“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,” the bank added.

By Ezinwanne Onwuka (Senior Reporter)

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