The Central Bank of Nigeria (CBN) has dispelled recent widespread misinformation about the validity of the old N1000, N500, and N200 Naira notes still in circulation.
In a statement signed by its Acting Director of Corporate Communications, Sidi Ali Hakama, the CBN reaffirmed that these denominations of banknotes of the old design shall remain valid legal tender in line with a Supreme Court ruling issued on November 29, 2023.
This clarification is necessary to allay fears about impending economic disruptions reminiscent of the kind witnessed in 2022 when the Buhari administration abruptly implemented a currency redesign scheme at short notice throwing the country into an excruciating episode of cash scarcity.
9am News Nigeria recounts that the Nigerian Governor’s Forum (NGF) approached the Supreme Court and got a ruling compelling the Federal Government to sustain the validity of the old banknotes infinitely.
In line with the Supreme Court ruling the CBN has said that there is no deadline for the use of these notes specified above, urging the public to disregard any rumors suggesting they will cease to be legal tender by December 31, 2024.
The CBN further encouraged Nigerians to accept all Naira banknotes for transactions and to handle them responsibly to maintain their quality.
The apex bank also called for greater adoption of alternative payment methods, such as electronic channels, to minimize reliance on paper currency. This admonition is in line with Nigeria’s drive towards a fully cashless economy.
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