The Central Bank of Nigeria (CBN) has confirmed that all denominations of Naira banknotes currently in circulation are indefinitely valid as legal tender and will not expire or be phased out.
Mrs. Sidi Ali Hakama, the CBN’s Acting Director of Corporate Communications, issued a statement on Friday affirming that both the old and new designs of the N1,000, N500, and N200 notes remain valid.
Hakama urged the public to dismiss any misinformation regarding the validity of the older banknotes.
“In accordance with previous clarifications made by the bank, we would like to reassure everyone that the Supreme Court ruling issued on November 29, 2023, allows for the ongoing circulation of all versions of the N1,000, N500, and N200 denominations of the Naira indefinitely.
“To clarify, all versions of the Naira, including both old and new designs of the N1,000, N500, and N200 notes, as well as the commemorative and prior designs of the N100 denomination, continue to be valid and recognized as legal tender with no expiration date.
“We advise the public to ignore any assertions that the old series of these banknotes will lose their legal tender status after December 31, 2024.
“We encourage Nigerians to accept all Naira banknotes, regardless of design, for their everyday transactions and to handle them carefully to enhance their longevity,” she stated.
Hakama also encouraged the public to consider alternative payment methods, such as electronic channels, to alleviate the demand for physical cash.
