The Central Bank of Nigeria (CBN) has confirmed that all naira denominations, including the old and new designs of ₦1000, ₦500, and ₦200, as well as the commemorative and prior designs of the ₦100 denomination, remain valid and legal tender without any deadlines.
The CBN’s Acting Director, Corporate Communications, Mrs Sidi Ali Hakama, issued a statement clarifying the validity of the old ₦1000, ₦500, and ₦200 banknotes in circulation.
The central bank warned the public to disregard any assertions that the previous series of the aforementioned banknotes would cease to be legal currency on December 31, 2024.
The Central Bank of Nigeria (CBN) has identified disinformation about the validity of the old ₦1000, ₦500, and ₦200 banknotes in circulation.
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The Central Bank of Nigeria (CBN) confirms that the Supreme Court order from November 29, 2023 allows for the unlimited circulation of all variants of the ₦1000, ₦500, and ₦200 Naira denominations.
“For the avoidance of doubt, all versions of the naira, including the old and new designs of the N1000, N500, and N200 denominations, as well as the commemorative and earlier designs of the N100 denomination, are still valid and legal tender with no deadline.
“We, therefore, advise the public to disregard any claims that the old series of the aforementioned banknotes will no longer be legal tender on December 31, 2024.” We urge Nigerians to continue accepting all Naira banknotes (old and redesigned) for daily transactions and to handle them with caution to preserve their durability.
“Furthermore, the general public is encouraged to embrace alternative modes of payment, such as e-channels, to reduce pressure on using physical cash.”
