CBN Confirms Old Naira Notes Will Remain Legal Tender Indefinitely, Rejects December 2024 Deadline

The Central Bank of Nigeria (CBN) has clarified that it has no plans to discontinue the circulation of old N200, N500, and N1,000 banknotes by December 31, 2024.

This statement comes as the House of Representatives urged the CBN to increase the issuance of newer denominations and phase out old notes by the proposed deadline.

During a plenary session, the House called for an immediate halt to cash payments in old notes by commercial banks and requested a gradual withdrawal of these notes from circulation.

This resolution, moved by Hon. Afam Ogene, followed concerns over the non-legal tender status of old Naira notes set to take effect on January 1, 2025.

In response, the CBN, through its acting Director of Corporate Communications, Mrs. Sidi-Ali Hakama, labeled the House’s claims as “false and disruptive” to the nation’s payment system.

The CBN emphasized that a Supreme Court ruling from November 29, 2023, allows the old Naira banknotes to remain legal tender indefinitely alongside their redesigned counterparts.

The central bank reaffirmed its directive for all branches to continue issuing and accepting both old and new banknotes from deposit money banks (DMBs).

Hakama encouraged the public to disregard any suggestions that old notes will cease to be legal tender after the December deadline and to continue using all Naira notes for daily transactions.

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