The Central Bank of Nigeria (CBN) has refuted claims of the naira Centralnotes losing its validity by December 31,2024.
It was made clear in a statement the apex bank’s Acting Director of Corporate Communications, Sidi Hakamaon on Thursday, October 24,2024.
This statement was followed by rumours claiming that the old ₦200, ₦500, and ₦1,000 banknotes would cease to be legal tender by December 31, 2024.
CBN refutes the alleged claims stating that the old naira notes will be valid indefinitely.
The statement read, “The attention of the Central Bank of Nigeria has been drawn to discussions at different fora suggesting that the old series of the ₦200, ₦500, and ₦1,000 banknotes shall cease to be legal tender on December 31, 2024. We wish to state categorically that such claims are false and calculated to disrupt the country’s payment system.
“For the avoidance of doubt, the order of the Supreme Court of Nigeria on Wednesday, November 29, 2023, granting the prayer of the Attorney-General of the Federation and Minister of Justice to extend the use of old Naira banknotes ad infinitum, subsists.”
The apex bank promised that the old and redesigned money will still be in circulation.
The CBN statement added, “Similarly, the CBN’s directive to all its branches to continue to issue and accept all denominations of Nigerian banknotes, old and re-designed, to and from deposit money banks remains in force.”
“Accordingly, all banknotes issued by the Central Bank of Nigeria will continue to remain legal tender indefinitely.”
The CBN further warns Nigerians not to accept the rumour of the old notes depreciating.