Old Naira Notes to Circulate Indefinitely

The Central Bank of Nigeria (CBN) says Nigerians should disregard claims that the old naira notes will cease to be legal tender on December 31, 2024.

In a statement on X on Thursday, Sidi Ali Hakama, acting director, corporate communications, said the old series of N200, N500, and N1,000 banknotes will remain legal tender as ordered by the supreme court on November 29, 2023.

Earlier, the house of representatives said December 31, 2024, was the deadline for old naira notes to cease being legal tender.

However, CBN said its directive to all its branches to continue to issue and accept all banknotes — old and re-designed — to and from banks remains in force.

“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,” 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.

“Similarly, the CBN’s directive to all its branches to continue to issue and accept all denominations of Nigerian banknotes, old and re-designed, to and from deposit money banks (DMBs) remains in force.

“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.”