The Central Bank of Nigeria (CBN) has dismissed claims that old naira notes will cease to be legal tender by the end of December 2024. This clarification was issued in a December 2024 update published on the CBN’s official website.
The Nigerian government introduced redesigned naira notes on December 15, 2022, intending to phase out the old denominations. However, the policy sparked widespread cash shortages, public outcry, and legal challenges. In response, the Supreme Court ruled on November 29, 2023, that all versions of the ₦1000, ₦500, and ₦200 banknotes should circulate indefinitely.
Reiterating this position, the CBN stated:
“In line with the Bank’s previous clarifications and to offer further assurance, the CBN wishes to reiterate that the subsisting Supreme Court ruling permits the concurrent circulation of all versions of the ₦1000, ₦500, and ₦200 denominations of the Naira indefinitely.”
The apex bank further emphasized:
“All versions of the naira, including the old and new designs of the ₦1000, ₦500, and ₦200 denominations, as well as the commemorative and previous designs of the ₦100 denomination, remain valid and continue to be legal tender without any deadline.”
The CBN urged the public to disregard rumours suggesting the old naira notes would be withdrawn from circulation by December 31, 2024. Nigerians were also encouraged to adopt alternative payment channels, such as electronic transactions, to ease reliance on physical cash.
This clarification comes amid renewed cash shortages in parts of the country, attributed partly to the spread of misinformation about the old naira notes.
