Nigeria CBN reveals No deadline on circulation of old N200, N500, N1000 notes

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The Central Bank of Nigeria has announced that there is no deadline on the circulation of old N200, N500 and N1000 bank notes.

The spokesperson of CBN, Sidi Ali Hakama disclosed this in a statement on Thursday.

This comes amid speculations that the old Naira notes will cease to be legal tender from December 31, 2024.


However, the apex bank clarified that the claim is false.

CBN stressed that all bank notes remain legal tender.

?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.

?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.