CBN Debunks Claims About Discontinuation of Old Naira Banknotes, Reaffirms Supreme Court Order

The Central Bank of Nigeria (CBN) has responded to ongoing discussions suggesting that the old N200, N500, and N1,000 banknotes will cease to be legal tender on December 31, 2024. The CBN categorically stated that these claims are false and intended to cause disruptions in the country's payment system.

"For the avoidance of doubt, the order of the Supreme Court of Nigeria on Wednesday, November 29, 2023, which granted the Attorney-General of the Federation and Minister of Justice's prayer to extend the use of old Naira banknotes indefinitely, remains in effect," the CBN emphasized.

The bank also reiterated that its directive to all branches to continue issuing and accepting all denominations of Nigerian banknotes—whether old or redesigned—from deposit money banks (DMBs) is still in force.

It should be recalled that the Supreme Court ordered that the old N200, N500, and N1,000 banknotes continue to be legal tender alongside the redesigned versions. As such, all banknotes issued by the CBN will remain legal tender indefinitely.

The CBN urged the public to disregard any claims that these denominations would cease to be legal tender by the end of 2024. "We advise members of the public to continue to accept all Naira banknotes, old or redesigned, for their daily transactions and handle them with care to safeguard their lifecycle," the statement added.

Furthermore, the CBN encouraged the use of alternative payment methods, such as e-channels, to alleviate the demand for physical cash.