DEADLINE ALERT! If You Have Old N1000, N500, N200, N100 Notes, Read This Immediately As CBN Makes Unexpected Announcement
The Central Bank of Nigeria (CBN) has reaffirmed that all denominations of the old naira notes, including ₦1000, ₦500, ₦200, and ₦100, will remain legal tender beyond 2024. This clarification follows widespread rumors suggesting otherwise, which had caused unease among the public.
In a circular published on its website in December 2024, the CBN emphasized its commitment to upholding a Supreme Court ruling issued on November 29, 2023. The apex court’ s decision permits the indefinite coexistence of all naira note versions, both old and redesigned.
The CBN’ s statement reads: ” 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. ”
The circular further underscored that all variants of the naira, including the commemorative and previous designs of the ₦100 denomination, remain valid as legal tender without any expiration date.
This announcement comes amid heightened speculation and misinformation regarding the validity of the old naira notes. The CBN urged Nigerians to disregard claims that the old notes would cease to be legal tender by December 31, 2024. Instead, the apex bank encouraged continued acceptance of all naira denominations while promoting alternative payment channels to reduce reliance on physical cash.
The CBN’ s assurance is expected to stabilize public confidence and alleviate lingering fears about the use of old naira notes. By allowing the concurrent use of all versions, the apex bank seeks to ease monetary transactions and promote financial inclusivity, particularly in rural and underserved areas.
Financial analysts note that this move could also help mitigate the adverse effects of cash shortages, which had hindered economic activities in various sectors. Encouraging alternative payment methods, such as mobile transfers and online banking, aligns with the CBN’ s broader goal of fostering a cashless economy.
Despite the CBN’ s reassurances, challenges remain. Cash scarcity continues to affect parts of the country, fueled in part by the lingering rumors of the old notes’ withdrawal. Additionally, the limited availability of redesigned naira notes has raised questions about the effectiveness of the policy rollout.
Observers have called on the CBN to intensify public awareness campaigns to combat misinformation and ensure seamless monetary transactions. Clear communication, they argue, is vital to dispelling rumors and restoring public trust in the banking system.
The Supreme Court ruling serves as a critical reminder of the judiciary’ s role in shaping fiscal policies. By compelling the government to maintain the circulation of old notes, the court highlighted the need for policies that prioritize public welfare over administrative convenience.
For its part, the CBN has reiterated its respect for the rule of law, vowing to align its operations with judicial directives. However, stakeholders continue to urge the apex bank to refine its policy implementation strategies to avoid future disruptions.
As Nigeria grapples with the challenges of currency management, the CBN’ s renewed commitment to clarity and inclusivity offers hope for a more stable monetary system. Experts stress the importance of collaborative efforts between the government, financial institutions, and the public to achieve sustainable economic growth.
