By Faith Okafor
Following claims that the old series of N200, N500, and N1,000 banknotes would cease to be legal tender by December 31, 2024, the Central Bank of Nigeria has clarified that the banknotes will remain valid indefinitely.
This was made known in a press statement released by The acting Director of Corporate Communications, Sidi Hakama.
The CBN stated that the reports were false and intended to disrupt the nation’s payment system.
The statement read, the attention of the Central Bank of Nigeria 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.
It also stated that the Supreme Court of Nigeria had on Wednesday, November 29, 2023, had ordered that the prayer of the Attorney-General of the Federation and Minister of Justice to extend the use of old Naira banknotes be granted.
