The Central Bank of Nigeria (CBN) has once again reaffirmed that the old N1000, N500, and N200 banknotes remain valid for use, dispelling ongoing misinformation about their legal status.
In a statement issued on Friday, Mrs. Hakama Sidi-Ali, the Acting Director of Corporate Communications at the CBN, clarified that the Supreme Court ruling of November 29, 2023, authorizes the indefinite circulation of both the old and redesigned versions of these denominations.
The bank emphasized that all versions of the N1000, N500, and N200 notes, including the commemorative and previous designs of the N100 note, continue to be legal tender and can be used for transactions without any deadline for withdrawal.
“The Central Bank of Nigeria (CBN) has observed the misinformation regarding the validity of the old N1000, N500, and N200 banknotes currently in circulation,” the statement read. “In line with the Bank’s previous clarifications and to offer further assurance, the CBN wishes to reiterate that the subsisting Supreme Court ruling granted on November 29, 2023, permits the concurrent circulation of all versions of the N1000, N500, and N200 denominations of the Naira indefinitely.”
The CBN explicitly rejected claims suggesting that the old series of these denominations would cease to be legal tender by December 31, 2024, reiterating that there is no expiration date for their use.
This statement aims to clear up confusion, which has been escalating amid widespread reports of cash shortages and concerns over the validity of the old notes. The CBN advised Nigerians to continue using both the old and new banknotes for everyday transactions, while also encouraging citizens to handle the notes with care to ensure their durability.
Additionally, the apex bank recommended the public embrace alternative payment methods such as electronic banking and digital payment platforms to reduce dependence on physical cash and ease transaction processes.