No deadline on circulation of old series of Naira banknotes—CBN

Central Bank of Nigeria has said that there is no deadline for the circulation of old Naira. The apex bank said “the attention of the Central Bank of Nigeria (CBN) has been drawn to discussions at different fora suggesting that the old series of the N200, N500, and N1,000 banknotes shall cease to  be legal tender on December 31, 2024. We wish to state categorically that such claims are false and calculated to disrupt the country’s payment system. Yesterday House of representative urged the CBN to adequately circulate the redesigned N200, N500, and N1,000 banknotes, and phase out the old currencies. The lawmakers arrived at the resolution, following a motion raised by Adam Victor Ogene, representing the Labour Party, (Anambra), during plenary on Thursday.

The development followed the December 31, 2024 deadline for the old notes to cease being legal tender, ordered by the Supreme Court. The lawmakers said the need for adequate availability of the redesigned notes in banks in the country by the CBN, was necessary to meet Nigerians’ financial demands, and to strengthen the economy. Mr Ogene said, “Going by the Supreme Court’s subsequent ruling and order, the N200, N500, and N1,000 notes shall cease to be legal tender, medium of exchange for goods and services in Nigeria, and shall also cease to be in circulation as from January 1, 2025.”

However the CBN said “for the avoidance of doubt, the order of the Supreme Court of Nigeria on Wednesday, November 29, 2023, granting the prayer of the Attorney-General of the Federation and Minister of Justice to extend the use of old Naira banknotes ad infinitum, subsists. Similarly, the CBN’s directive to all its branches to continue to issue and accept all denominations of Nigerian banknotes, old and re-designed, to and from deposit money banks (DMBs) remains in force.

“It will be recalled that the Supreme Court ordered that the old series of N200, N500, and N1,000 banknotes shall continue to be legal tender alongside the redesigned versions. Accordingly, all banknotes issued by the Central Bank of Nigeria (CBN) will continue to remain legal tender indefinitely. We, therefore, advise members of the public to disregard suggestions that the said series of banknotes will cease to be legal tender on December 31, 2024. We urge Nigerians to continue to accept all Naira banknotes (old or redesigned) for their day-to-day transactions and handle them with the utmost care to safeguard and protect their lifecycle. Furthermore, the general public is encouraged to embrace alternative modes of payment, e-channels, in order to reduce pressure on the use of physical cash.