CBN Reveals: Why Old Naira Notes Remain Legal Tender

Hamilton Nwosa
Writer

Ad

Global CEOs, Top Diplomats, Ministers, Governors, Industry leaders gather in New York to unlock the Gulf of Guinea’s over $800 billion Energy, Oil & Gas, Minerals, Maritime Opportunities

By Abiola Olawale Following the official opening of the 80th Session of the United Nations General Assembly (UNGA80), New York, USA, high-level delegations from over a dozen countries, including global CEOs, top diplomats, ministers, governors, industry leaders will gather in New York to unlock the Gulf of Guinea’s over $800 billion Energy, Oil & Gas,…

Charted: Populations of China, India, U.S., and Europe (1950–2100)

Key Takeaways India is projected to remain the world’s most populous country through 2100, stabilizing around 1.5 billion people. China’s population is expected to fall by more than half, from 1.4 billion to 0.6 billion. Europe’s population will decline steadily, while the U.S. population grows gradually to 420 million. As global demographics continue to shift,…

Elon Musk drops to second place as AI boom powers Oracle’s Larry Ellison to world’s richest status

By Obinna Uballa Elon Musk has lost his long-held crown as the world’s richest person to Oracle co-founder Larry Ellison, following a record-breaking surge in Ellison’s net worth. According to Bloomberg’s Billionaire Index, Ellison’s fortune jumped by an unprecedented $101 billion on Tuesday night to reach $393 billion, surpassing Musk’s $385 billion. The windfall came…

Ad

By Kolawole Ojebisi

The Central Bank of Nigeria (CBN) has reassured the public that both the old and redesigned naira notes will continue to serve as legal tender indefinitely.

The apex bank’s acting Director of Corporate Communications, Hakama Sidi Ali, said this in a statement issued on Friday.

Ali made the statement to address the misinformation making the rounds concerning the validity of the old N1000, N500, and N200 banknotes currently in circulation.

There have been speculations, that the CBN will withdraw the old bank noted from circulation starting from January, 1, 2025.

Debunking this speculation, Ali said the supreme court ruling of November 29, 2023, permits the concurrent use of all versions of the affected denominations indefinitely, dismissing any claims suggesting an expiration date.

“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,” CBN said.

“For the avoidance of doubt, all versions of the naira, including the old and new designs of N1000, N500, and N200 denominations, as well as the commemorative and previous designs of the N100 denomination, remain valid and continue to be legal tender without any deadline.

“We, therefore, advise the public to disregard any claims that the old series of the aforementioned banknotes will cease to be legal tender on December 31, 2024.”

She urged Nigerians to continue accepting all naira banknotes for daily transactions and to handle them with care to ensure their longevity.

Ad

Unlocking Opportunities in the Gulf of Guinea during UNGA80
X whatsapp