By Ayomide Otitoju
The Central Bank of Nigeria (CBN) has reaffirmed that all versions of the naira, including both old and new designs of the ₦1,000, ₦500, and ₦200 denominations, as well as the commemorative and previous designs of the ₦100 note, remain valid and continue to function as legal tender indefinitely.
In a statement signed by Mrs. Sidi Ali Hakama, Acting Director of Corporate Communications at the CBN, the bank sought to address circulating misinformation regarding the validity of older ₦1,000, ₦500, and ₦200 banknotes currently in circulation.
The CBN emphasized that the false claims suggesting that these old banknotes would lose their legal tender status by December 31, 2024, should not be believed. “The Central Bank of Nigeria (CBN) has observed misinformation regarding the validity of the old ₦1,000, ₦500, and ₦200 banknotes currently in circulation,” the statement read.
It went on to clarify that the Supreme Court ruling issued on November 29, 2023, allows for the concurrent circulation of all versions of the ₦1,000, ₦500, and ₦200 denominations indefinitely.
“For the avoidance of doubt, all versions of the naira, including the old and new designs of ₦1,000, ₦500, and ₦200, as well as the commemorative and previous designs of the ₦100 denomination, remain valid and continue to be legal tender without any deadline,” the statement continued.
The CBN urged Nigerians to accept all naira banknotes—both old and redesigned—for everyday transactions and advised the public to handle the notes with care to ensure their longevity. Additionally, the central bank encouraged the adoption of alternative payment methods, such as electronic channels, to alleviate the reliance on physical cash
