In a recent statement, the Central Bank of Nigeria (CBN) addressed rumors suggesting that old N200, N500, and N1,000 banknotes would stop being accepted by the end of December 2024. The CBN clarified that these claims are false and assured the public that there is no deadline for using old naira notes as legal tender.
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The CBN emphasized that both old and redesigned naira notes will continue to be accepted indefinitely, following a ruling by Nigeria’s Supreme Court. This means that Nigerians can confidently use both versions of the banknotes for everyday transactions without any concern about a future cut-off date.
Why the Public Was Concerned
The recent rumors about an expiration date for old naira notes created confusion, with many people wondering if they would need to exchange their old notes by a specific date. However, the CBN’s announcement has put those concerns to rest, assuring everyone that both old and new notes will remain valid.
The central bank highlighted that the Supreme Court’s decision in November 2023 still holds, allowing old naira notes to continue circulating alongside the newly redesigned notes. This ruling was made to support a smooth transition and ensure that Nigerians could use either form of the naira without any inconvenience.
A Push Toward Digital Payments
Along with clarifying the legal status of old naira notes, the CBN also encouraged Nigerians to consider using digital payment options, such as mobile banking and online wallets. Digital payments not only offer convenience but also help reduce the need for physical cash, making transactions faster and more secure.
What Nigerians Should Know
Here are the key points from the CBN’s statement:
- No Deadline: There is no expiration date for using old naira notes. Nigerians can continue to use them alongside redesigned notes indefinitely.
- Ignore Rumors: The CBN has confirmed that any news about an upcoming deadline for old naira notes is false.
- Consider Digital Payments: As Nigeria moves toward a more cashless society, the CBN suggests exploring digital payment options to make transactions easier.