The Central Bank of Nigeria (CBN) has reaffirmed that all naira denominations—including the commemorative and earlier designs of the ₦100 denomination, as well as the new and old designs of the ₦1000, ₦500, and ₦200 denominations—remain legal money with no expiration date.
In a statement signed by Mrs. Sidi Ali Hakama, its Acting Director, Corporate Communications, the CBN stated that the purpose of the reiteration is to correct misunderstandings about the legality of the old ₦1000, ₦500, and ₦200 banknotes that are still in use.
Claims that the old series of the aforementioned banknotes will no longer be legal currency on December 31, 2024, should be ignored, the top bank cautioned the public.
The Central Bank of Nigeria (CBN) has noticed false information concerning the legitimacy of the old ₦1000, ₦500, and ₦200 banknotes that are still in use, according to the statement.
In keeping with the Bank’s earlier explanations and to provide additional reassurance, the CBN would like to restate that the Supreme Court’s November 29, 2023, order allows all Naira denominations—the ₦1000, ₦500, and ₦200—to be circulated concurrently indefinitely.
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To be clear, all naira denominations—including the commemorative and earlier designs of the N100 denomination, as well as the new and old designs of the N1000, N500, and N200 denominations—remain legal money with no expiration date.
We therefore urge the public to ignore any assertions that the aforementioned banknotes’ previous series would no longer be accepted as legal currency on December 31, 2024. We encourage Nigerians to keep using all Naira banknotes—old and redesigned—for everyday transactions and to treat them carefully to prolong their useful life.
“To lessen the pressure on using physical cash, the general public is also encouraged to embrace alternative payment methods, such as e-channels.”
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