Old Naira Notes Will Still Be In Circulation Even After It’s Deadline by 31 December Says The Central Bank Of Nigeria

The Central Bank of Nigeria confirms that old Naira notes will continue to be recognized as legal tender indefinitely, refuting the previously suggested deadline of December 2024.

The Central Bank of Nigeria (CBN) has stated that it does not plan to cease the circulation of the old series of N200, N500, and N1,000 banknotes by the deadline of December 31, 2024.

This clarification from the apex bank coincided with a day when the House of Representatives urged it to enhance the issuance of the new N200, N500, and N1,000 denominations and to initiate the withdrawal of the old notes from circulation prior to the December 31, 2024, cutoff date.

Additionally, the House called upon the apex bank to instruct commercial banks to immediately halt cash transactions involving the old N200, N500, and N1,000 notes and to begin a gradual withdrawal of these old notes.

This resolution, presented during a plenary session by Hon. Afam Ogene, followed the adoption of a motion deemed of urgent national importance, emphasizing the necessity for the CBN to inform Nigerians about the non-legal tender status of the old naira notes effective January 1, 2025.

In a statement issued on the evening of October 24 by Mrs. Sidi-Ali Hakama, the acting Director of the Corporate Communications Department, the Central Bank of Nigeria (CBN) refuted claims made by the House, describing them as “false and intended to disrupt the nation’s payment system.”

To clarify, the CBN affirmed that the Supreme Court's ruling on Wednesday, November 29, 2023, which approved the Attorney-General of the Federation and Minister of Justice's request to allow the continued use of old Naira banknotes indefinitely, is still in effect.

Additionally, the CBN's instruction to all its branches to persist in issuing and accepting all denominations of Nigerian banknotes, both old and redesigned, from deposit money banks (DMBs) remains valid.

Hakama further emphasized that the central bank's previous directive for its branches to continue the issuance and acceptance of all Nigerian banknote denominations, both old and redesigned, to and from DMBs is still operational.

The Supreme Court has mandated that the old series of N200, N500, and N1,000 banknotes will continue to be recognized as legal tender alongside the newly designed versions.

Consequently, all banknotes issued by the CBN will remain legal tender indefinitely, as stated in the announcement.

“It is our recommendation that the public ignore any claims indicating that the aforementioned series of banknotes will no longer be considered legal tender after December 31, 2024.

We strongly encourage Nigerians to accept all denominations of Naira banknotes, whether old or newly designed, for their everyday transactions and to treat them with the highest level of care to ensure their longevity.

Additionally, we invite the general public to adopt alternative payment methods, such as electronic channels, to alleviate the reliance on physical cash.”