No Phasing Out Of Old Naira Notes — CBN

… As Reps Call For Circulation Of Redesigned Ones Before Jan 2025

LAGOS – The Central Bank of Nige­ria (CBN) has called on Nigerians to disregard the 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.

Recall that the House of Rep­resentatives has urged the Cen­tral Bank of Nigeria 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.

Sidi Ali, Hakama (Mrs.), Ag. Director, Corporate Communica­tions, in a statement, said: “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.

“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 would 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.

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.

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.”

The lawmaker condemned the apex bank for not commenc­ing a comprehensive nationwide public awareness campaign to ed­ucate citizens on the upcoming changes, months ago.

According to him, the CBN should have by now, started doing jingles on television, radio, and social media, adverts on newspa­pers, magazines, as well as fliers, to get them appraised about the old notes’ withdrawals, and cir­culation of new ones.