The Central Bank of Nigeria (CBN) has reiterated that all versions of the naira, including both the old and new designs of the ₦1,000, ₦500, and ₦200 denominations, as well as the commemorative and previous designs of the ₦100 note, remain valid and legal tender indefinitely.
In a statement signed by its Acting Director of Corporate Communications, Mrs. Sidi Ali Hakama, the CBN addressed recent misinformation about the validity of the old ₦1,000, ₦500, and ₦200 notes still in circulation.
The statement clarified that these banknotes, as per the Supreme Court ruling of November 29, 2023, are authorized for concurrent use with the new designs, and there is no deadline for their withdrawal.
“The CBN has observed misinformation circulating about the validity of the old ₦1,000, ₦500, and ₦200 banknotes,” the statement read. “In line with previous clarifications and to provide further assurance, we wish to reiterate that the Supreme Court ruling of November 29, 2023, permits the indefinite circulation of all versions of the ₦1,000, ₦500, and ₦200 denominations.”
The bank urged the public to disregard claims suggesting that the old banknotes would cease to be legal tender on December 31, 2024. It stressed that all versions of the ₦1,000, ₦500, and ₦200 notes, as well as the ₦100 commemorative and previous designs, are still valid for use in daily transactions.
The CBN also encouraged Nigerians to embrace alternative payment methods, such as electronic channels, to reduce reliance on physical cash and ease the pressure on cash usage.
