The Central Bank of Nigeria (CBN) has clarified that the old N200, N500, and N1,000 naira notes will continue to be valid indefinitely, countering recent claims that the notes would lose their legal tender status by December 31, 2024. In a statement issued Thursday by Sidi Hakama, the CBN’s Acting Director of Corporate Communications, the bank urged the public to ignore rumors suggesting a cutoff date, stressing that these claims are unfounded and disruptive.
The CBN emphasized that its directive to all branches to issue and accept both old and redesigned notes alongside deposit money banks remains in effect, in line with the Supreme Court’s order mandating the continued use of old naira notes.
“The order of the Supreme Court of Nigeria on Wednesday, November 29, 2023, granting the prayer of the Attorney-General of the Federation to extend the use of old Naira banknotes ad infinitum, subsists,” stated the CBN.
The apex bank reiterated its commitment to maintaining the integrity of Nigeria’s payment system and ensuring that all denominations of naira notes, old and new, circulate harmoniously. It called on citizens to use both old and redesigned notes without worry and to handle the notes carefully to preserve their quality and lifespan.
Additionally, the CBN encouraged the public to embrace alternative payment methods such as mobile banking and digital wallets to alleviate the need for cash and facilitate secure transactions.
House of Representatives’ Resolution on Naira Transition
In response to concerns about the availability of the new naira notes, the House of Representatives urged the CBN to begin gradually phasing out old notes. The motion, sponsored by Victor Ogene of the Ogbaru Federal Constituency in Anambra State, requests the CBN to ensure sufficient availability of new naira notes in banks across the country, particularly in the N200, N500, and N1,000 denominations.
The House of Representatives also directed money deposit banks to begin transitioning transactions to the new notes, ensuring Nigerians have access to the redesigned currency as part of a phased approach.
With the CBN’s confirmation, Nigerians can continue using old naira notes without concern, as both old and redesigned notes will remain indefinite legal tender. The CBN’s commitment to preserving the integrity of the payment system, coupled with the House of Representatives’ advocacy for a smooth transition, aims to maintain stability in Nigeria’s financial landscape.
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