CBN Removes Deadline for Use of Old N200, N500, and N1000 Notes

The Central Bank of Nigeria (CBN) has confirmed that there is no deadline for the circulation of old N200, N500, and N1,000 banknotes.

This clarification came amid rumors that the old notes would cease to be legal tender after December 31, 2024.

CBN spokesperson Sidi Ali Hakama addressed the issue in a statement on Thursday, describing the claims as false and aimed at disrupting the nation’s payment system.

The CBN emphasized that the Supreme Court’s November 29, 2023, ruling remains in effect, which indefinitely extends the use of the old notes alongside the redesigned versions.

The bank also reaffirmed its instructions to all branches to continue issuing and accepting all denominations of both old and redesigned notes.

The CBN urged the public to disregard any speculation about the withdrawal of old notes and encouraged Nigerians to continue using all denominations as legal tender while also exploring alternative digital payment methods.