The Central Bank of Nigeria (CBN) has confirmed that the old N200, N500, and N1,000 banknotes will remain legal tender indefinitely, dismissing claims that they would cease to be valid by December 31, 2024. In a statement on Thursday, the Acting Director of Corporate Communications, Sidi Hakama, emphasized that such reports are “false and calculated to disrupt the country’s payment system.”

“The attention of the Central Bank of Nigeria has been drawn to discussions at different fora suggesting that the old series of the N200, N500, and N1,000 banknotes shall cease to be legal tender on December 31, 2024. We wish to state categorically that such claims are false and calculated to disrupt the country’s payment system,” the statement noted. CBN highlighted the Supreme Court’s ruling from November 29, 2023, allowing continued use of old notes “ad infinitum.”

CBN reiterated that all branches will keep issuing and accepting both old and redesigned banknotes in all denominations, stating, “Similarly, the CBN’s directive to all its branches to continue to issue and accept all denominations of Nigerian banknotes, old and re-designed, to and from deposit money banks remains in force.” It advised Nigerians to disregard claims about a 2024 expiration date and encouraged the public to use both old and redesigned notes responsibly to maintain their quality.

The bank also urged Nigerians to consider alternative payment channels to reduce reliance on cash. This clarification follows public concerns over the validity of old notes, and a recent call by the House of Representatives for a gradual phase-out. The House requested CBN to ensure availability of new notes and instructed Money Deposit Banks to prioritize them in customer transactions, based on a motion by Victor Ogene, representing Ogbaru Federal Constituency in Anambra State.