In a statement on October 24, the Central Bank of Nigeria (CBN) clarified that it has no plans to discontinue the use of old Naira notes by December 31, 2024, contrary to reports suggesting a phase-out deadline.
According to the bank, old versions of the N200, N500, and N1,000 notes will remain legal tender indefinitely, and both old and redesigned banknotes will coexist for public transactions.
The House of Representatives recently proposed a phased reduction of old notes, calling for increased circulation of newer denominations and advising commercial banks to halt cash payments in the old series.
Hon. Afam Ogene led the motion, emphasising the need for public awareness and preparation for a potential 2025 deadline.
However, the CBN responded that such claims were “false and disruptive” to Nigeria’s financial stability.
CBN’s acting Director of Corporate Communications, Mrs. Sidi-Ali Hakama, reaffirmed that the Supreme Court’s ruling from November 2023 still upholds the indefinite validity of old Naira notes.
This directive applies to all branches of the CBN, which continue to accept and issue both old and redesigned banknotes across all deposit money banks.
The CBN encouraged the public to maintain confidence in both forms of Naira notes, urging the continued use of electronic payment channels to ease reliance on cash and protect the banknotes’ longevity.
“The public should disregard any suggestions of a December 2024 cut-off,” the CBN advised, reassuring Nigerians that all denominations of Naira will remain in use without any imminent change.
