Old N200, N500, N1,000 Banknotes Will Remain Legal Tender Indefinitely, Nigeria’s Central Bank
The Central Bank of Nigeria (CBN) has clarified that no deadline has been set for phasing out old naira notes, countering recent rumors suggesting otherwise.
In 2022, the CBN, then led by Governor Godwin Emefiele, announced plans to redesign three banknote denominations: N200, N500, and N1,000. Initially, it set January 31, 2023, as the deadline for using the old notes. However, this decision led to widespread hardships across Nigeria as citizens struggled to access the new currency. Shortly after his inauguration on May 29, 2023, President Bola Tinubu eased the policy to relieve public stress.
Recently, rumors circulated that the CBN would end the validity of old N200, N500, and N1,000 notes by December 31, 2024. On Thursday, the House of Representatives urged the CBN to ensure the availability of new notes and gradually phase out old ones. This appeal followed a motion by Representative Adam Victor Ogene, who requested that the CBN initiate public awareness campaigns to prepare Nigerians for the rumored 2024 deadline.
However, in a statement issued late Thursday, Acting Director of Corporate Communications, Sidi Ali Hakama, dismissed the rumors as false and disruptive. The CBN emphasized that a Supreme Court order permits the indefinite use of old naira notes, and any contrary directive would be illegal. The statement confirmed the CBN’s commitment to continue issuing both old and redesigned notes to and from deposit money banks.
“The Supreme Court has ordered that old versions of the N200, N500, and N1,000 notes shall remain legal tender alongside the redesigned notes indefinitely,” the CBN’s statement read. The bank urged the public to disregard claims about a December 2024 cutoff and to continue using all naira notes in daily transactions.
Additionally, the CBN encouraged Nigerians to consider alternative payment channels, such as electronic methods, to reduce reliance on physical cash and extend the life of the currency in circulation.
