The Central Bank of Nigeria (CBN) has debunked claims that the old series of N200, N500, and N1,000 banknotes will cease to be legal tender on December 31, 2024.
According to a press release issued by the CBN’s Acting Director of Corporate Communications, Sidi Ali, Hakama, on October 24, 2024, these claims are false and aim to disrupt the country’s payment system
The CBN reaffirmed that the Supreme Court’s order of November 29, 2023, allowing the continued use of old Naira banknotes indefinitely, remains in force. This means that both old and redesigned banknotes will coexist as legal tender
The CBN also encouraged the public to adopt alternative payment methods, such as e-channels, to reduce reliance on physical cash .