The Central Bank of Nigeria (CBN) has reiterated that the old and redesigned N1000, N500, and N200 banknotes remain legal tender and will continue circulating concurrently without deadline.
According to the statement issued by Mrs Sidi Hakama, the Acting Director of Corporate Communications, the CBN wishes to clarify that, “In line with the Bank’s previous clarifications and to offer further assurance, the CBN wishes to reiterate that the subsisting Supreme Court ruling granted on November 29, 2023, permits the concurrent circulation of all versions of the N1000, N500, and N200 denominations of the Naira indefinitely.
For the avoidance of doubt, all versions of the naira, including the old and new designs of the N1000, N500, and N200 denominations, as well as the commemorative and previous designs of the N100 denomination, remain valid and continue to be legal tender without any deadline.”
The Central Bank of Nigeria (CBN) urges the public to ignore any false claims about the validity of old naira notes. The public should continue accepting and using all naira banknotes for transactions. Additionally, the CBN encourages Nigerians to adopt alternative payment methods, such as e-payments, to reduce reliance on physical cash.
