The Central Bank of Nigeria (CBN) has clarified that no deadline exists for using old naira notes, ensuring they will continue to serve as legal tender indefinitely.
The controversy began in 2022 when the CBN, led by former Governor Godwin Emefiele, unveiled plans to redesign the N200, N500, and N1,000 notes, setting January 31, 2023, as the expiration date for the old versions. The policy triggered widespread debate and caused significant hardship for many Nigerians as they scrambled to access the newly issued notes.
However, this policy was softened by President Bola Tinubu shortly after his inauguration on May 29, 2023.
Recently, rumors spread that the CBN had set December 31, 2024, as a new cutoff date for the old N200, N500, and N1,000 notes. This prompted the House of Representatives on Thursday to urge the CBN to increase the circulation of the redesigned notes and begin a phased withdrawal of the old notes. The request followed a motion by Anambra representative Adam Victor Ogene, who also called for an awareness campaign to prepare Nigerians for a potential deadline.
In response, a late Thursday press statement from CBN’s Acting Director of Corporate Communications, Sidi Ali Hakama (Mrs.), dismissed these rumors as false, suggesting they were intended to destabilize the payment system. The CBN emphasized that the Supreme Court’s order to allow the old notes to remain in circulation indefinitely stands, and any alternative directive would be illegal.
The statement continued, “The CBN’s directive remains in force, mandating all branches to accept and issue all denominations of Nigerian banknotes, both old and redesigned, to and from deposit money banks (DMBs).”
The CBN reminded the public of the Supreme Court’s ruling, which permits the continued use of both old and redesigned N200, N500, and N1,000 notes indefinitely. The statement urged Nigerians to disregard claims of a December 31, 2024, deadline and assured them that all naira notes are accepted for daily transactions. Nigerians were also advised to handle the banknotes carefully to extend their lifecycle.
Additionally, the public is encouraged to adopt alternative payment methods and e-channels to reduce reliance on cash.
For further updates, join our WhatsApp channel here.