The Central Bank of Nigeria (CBN) has reaffirmed that all versions of the naira, including the old and new designs of the ₦1000, ₦500, and ₦200 denominations, as well as the commemorative and previous designs of the ₦100 denomination, remain valid and legal tender without any deadline.
In a statement signed by its Acting Director of Corporate Communications, Mrs. Sidi Ali Hakama, the apex bank addressed misinformation circulating about the validity of the old ₦1000, ₦500, and ₦200 notes, advising the public to disregard claims that these notes would cease to be legal tender on December 31, 2024.
The statement clarified that a Supreme Court ruling delivered on November 29, 2023, permits the concurrent use of all versions of the ₦1000, ₦500, and ₦200 notes indefinitely. The CBN urged Nigerians to accept the notes for all transactions, adding:
“For the avoidance of doubt, all versions of the naira, including the old and new designs of ₦1000, ₦500, and ₦200 denominations, as well as the commemorative and previous designs of the ₦100 denomination, remain valid and continue to be legal tender without any deadline.”
The CBN further encouraged the public to adopt alternative payment methods, such as electronic channels, to ease reliance on physical cash. Nigerians were also reminded to handle naira notes with care to preserve their quality and longevity.
This clarification comes as part of the CBN’s efforts to maintain public confidence in the country’s currency system amidst ongoing economic adjustments.
