Old naira notes remain legal tender, CBN reassures public

December 13. 2024

By Ayinde Adeleke

The Central Bank of Nigeria (CBN) has reiterated that the old series of N1000, N500, and N200 denominations remain valid and legal tender, contrary to misinformation circulating about their validity.

According to the CBN, the Supreme Court ruling granted on November 29, 2023, permits the concurrent circulation of all versions of the N1000, N500, and N200 denominations indefinitely.

This means that both the old and new designs of these denominations, as well as commemorative and previous designs of the N100 denomination, are still acceptable.

The CBN has advised the public to disregard claims that the old series of these banknotes will cease to be legal tender on December 31, 2024.

Instead, Nigerians are urged to continue accepting all Naira banknotes (both old and redesigned) for daily transactions and handle them with care to ensure their longevity.

Furthermore, the CBN encourages the public to adopt alternative modes of payment, such as e-channels, to reduce reliance on physical cash.