Against the backdrop of misinformation about the continued validity of the local currency denominations of the old N1000, N500, and N200 banknotes still in circulation, the Central Bank of Nigeria (CBN) has allayed fears, insisting that the various denominations are still valid.
Of recent metrobusinessnews.com, (MBN) has been inundated with inquiries of the validity of these denominations, following fake news making the rounds that their uses would end by December 31, 2024.
“Old N200, N500, N1000 Notes will no longer be legal tender in Nigeria, after December 31, 2024. *Kemitalks.
[12/2, 10:04 AM] 👆Good morning John, can you please find out if the above information is true?
Kind regards
[12/2, 10:16 AM] No sir am not aware of the December 31, deadline. Good morning sir
[12/2, 10:28 AM]: Thank you
So much speculation.
However, a statement by Sidi Ali Hakama, acting director of corporate communications, reaffirmed that these denominations remain valid legal tender in line with a Supreme Court ruling issued on November 29, 2023.
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Specifically, the ruling permits the indefinite circulation of all versions of the N1000, N500, and N200 denominations, including the old and redesigned notes, as well as the commemorative and earlier designs of the N100 denomination.
The CBN said that there is no deadline for the use of these notes, urging the public to disregard any claims suggesting they will cease to be legal tender by December 31, 2024.
Consequently, CBN encouraged Nigerians to accept all Naira banknotes for transactions and to handle them responsibly to maintain their quality, while reiterating its call for increased adoption of alternative payment methods, such as electronic channels, to reduce reliance on physical cash.
