The Central Bank of Nigeria (CBN) has clarified that there are no plans to discontinue the circulation of old Naira banknotes.
In a statement released late Thursday, the CBN addressed speculation suggesting that the old N200, N500, and N1,000 notes would no longer be accepted as legal tender after December 31, 2024.
This clarification follows a resolution from the House of Representatives, which adopted a motion urging the CBN to increase the circulation of the redesigned Naira notes, referencing a Supreme Court ruling on the issue.
Read Also: Tinubu Tells Nigerians Price To Buy Petrol
But, apex bank stated: “We wish to state categorically that such claims are false and calculated to disrupt the country’s payment system. 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 1,000 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. We, therefore, advise members of the public to disregard suggestions that the said series of banknotes will cease to be legal tender on December 31, 2024.
“We urge Nigerians to continue to accept all Naira banknotes (old or redesigned) for their day-to-day transactions and handle them with the utmost care to safeguard and protect their lifecycle,” the bank’s acting director of corporate communications, Hakama Sidi, added in the statement.
She also encouraged the public to adopt alternative payment methods and e-channels to help alleviate the reliance on physical cash.
https://whatsapp.com/channel/0029VaihFajBadmT29ufud2Z
