If You Have Old Naira Notes Read This Immediately As CBN Makes Powerful Announcement
The Central Bank of Nigeria (CBN) has reiterated that the old N1000, N500, and N200 banknotes will continue to be valid alongside the newly introduced currency notes. This assurance was provided in a statement released on Friday by Mrs. Hakama Sidi Ali, the Acting Director of Corporate Communications at the apex bank. The reaffirmation comes in response to widespread misinformation regarding the status of the old banknotes.
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Ali explained that the need for this clarification arose after the CBN observed significant confusion among the public about the validity of the older denominations. She pointed out that in accordance with a Supreme Court ruling issued on November 29, 2023, all versions of the N1, 000, N500, and N200 notes are permitted to circulate concurrently and will do so indefinitely.
” For the avoidance of doubt, ” Ali stated, ” all versions of the naira, including both the old and new designs of the 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. ”
The CBN has encouraged the public to disregard any claims suggesting that the old banknotes will no longer be accepted after December 31, 2024. ” We urge Nigerians to continue accepting all Naira banknotes, both old and redesigned, for their daily transactions, ” Ali added, emphasizing the importance of treating all banknotes with care to ensure their longevity.
The CBN’ s reassurances come at a critical time when many Nigerians are navigating the complexities of financial transactions amidst rumors and speculation. By affirming the validity of both new and old banknotes, the CBN aims to foster confidence in the nation’ s currency and promote stability within the financial sector. As the country continues to adapt to changes within its monetary policy, the central bank remains committed to ensuring clarity and trust in its operations.
