The Central Bank of Nigeria (CBN) has confirmed that old naira banknotes will remain legal tender indefinitely.
This counters false claims about a December 31, 2024, deadline.
The Central Bank of Nigeria (CBN) recently made an important announcement that brought relief to many Nigerians.
The CBN clarified that old ₦200, ₦500, and ₦1,000 banknotes will remain legal tender alongside the newly redesigned versions.
This reassurance came in response to concerns that people would no longer accept the old notes after December 31, 2024.
In a statement released on Thursday, Sidi Ali Hakama, the Acting Director of Corporate Communications at CBN, emphasized the significance of a Supreme Court order.
The court issued this order on November 29, 2023.
This order allows the use of old Naira banknotes indefinitely, ensuring that they can continue to circulate within the economy.
Read Also: CBN Debunks Reports Of Phasing Out New Naira Notes
CBN also warned the public that any claims suggesting a December 31, 2024, deadline for the old notes are “false.”
They stated that such claims aim to disrupt the country’s payment system.
This clear message reinforced the bank’s commitment to maintaining stability in the financial landscape.
The CBN urged Nigerians to accept all Naira banknotes, both old and redesigned, in their daily transactions.
Also, They reminded citizens to handle these notes with care to protect their lifespan and usability.
In addition, the CBN encouraged the public to explore alternative payment methods, such as electronic channels, to reduce reliance on physical currency.
This move not only aims to enhance convenience but also supports a shift towards a more digital economy in Nigeria.
