CBN Issues New Directive On Acceptance Of Old ₦1000, ₦500, ₦200 Naira Notes

CBN Issues New Directive On Acceptance Of Old ₦1000, ₦500, ₦200 Naira NotesThe Central Bank of Nigeria (CBN) has clarified that all versions of the naira, including the old and new ₦1000, ₦500, and ₦200 banknotes, as well as both commemorative and previous designs of the ₦100 note, will remain valid and legal tender indefinitely, with no deadline for their use.....KINDLY READ THE FULL STORY HERE▶

In a statement issued by the CBN’s Acting Director of Corporate Communications, Sidi Ali Hakama, the bank sought to address the ongoing misinformation about the validity of the old ₦1000, ₦500, and ₦200 notes still in circulation.

The CBN emphasized that the ruling by the Supreme Court on November 29, 2023, allows for the continued circulation of all versions of the ₦1000, ₦500, and ₦200 denominations without a specified expiration date. The bank also urged the public to disregard any claims that these old banknotes would no longer be valid after December 31, 2024.

The statement read in part, “The Central Bank of Nigeria has observed the misinformation regarding the validity of the old ₦1000, ₦500, and ₦200 banknotes. In line with the Bank’s previous clarifications, the CBN wishes to reaffirm that the Supreme Court ruling of November 29, 2023, allows the indefinite circulation of all versions of the ₦1000, ₦500, and ₦200 denominations.”

The CBN further assured Nigerians that all the old and new notes, including the ₦100 commemorative designs, are to remain valid for use in all transactions. The public was advised to continue accepting both old and new series of the Naira for everyday dealings and to handle them with care to ensure their longevity.

Additionally, the CBN encouraged Nigerians to explore alternative payment methods, such as electronic channels, to ease the reliance on physical cash.

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