Old and new Naira notes
CBN Reiterates Validity of Old N1000, N500, N200 Denominations
The Central Bank of Nigeria (CBN) has again for the umpteenth time restated the
validity of the old ₦1000, ₦500, and ₦200 banknotes currently in circulation, along with the new notes.
A statement by Sidi Ali, Hakama (Mrs.), CBN’s Acting Director, Corporate Communications, dated December 13, 2024, the apex bank said it observed the misinformation regarding the validity of the old ₦1000, ₦500, and ₦200 banknotes currently in circulation.
The statement said, “In line with the Bank’s previous clarifications and to offer further assurance, the CBN wishes to reiterate that the subsisting Supreme Court ruling granted on November 29, 2023, permits the concurrent circulation of all versions of the ₦1000, ₦500, and ₦200 denominations of the Naira indefinitely.
“For the avoidance of doubt, all versions of the naira, including the old and new designs of N1000, N500, and N200 denominations, as well as the commemorative and previous designs of the N100 denomination, remain valid and continue to be legal tender without any deadline.”
Consequently, the CBN advised the public “to disregard any claims that the old series of the aforementioned banknotes will cease to be legal tender on December 31, 2024,” and urged “Nigerians to continue accepting all Naira banknotes (both old and redesigned) for their daily transactions and to handle them with care to ensure their longevity.”
The CBN also urged the general public to embrace alternative modes of payment, such as e-channels, to reduce pressure on using physical cash.