The Central Bank of Nigeria has clarified that all Naira banknotes, including old and new designs, remain valid and will not expire or be phased out .This applies to all denominations, including N1,000, N500, and N200 notes. The CBN has urged the public to disregard any misinformation suggesting otherwise. The Central Bank of Nigeria (CBN) has reaffirmed that the Supreme Court ruling of November 29, 2023, allows all versions of the N1,000, N500, and N200 Naira denominations to circulate concurrently and indefinitely. This means that both the old and new designs of these denominations, as well as commemorative and previous designs of the N100 denomination, remain valid and legal tender without any expiration date. The CBN has advised the public to disregard any claims that the old notes will become invalid after December 31, 2024. Instead, Nigerians are urged to continue accepting all Naira banknotes, both old and redesigned, for daily transactions. It’s also important to handle these banknotes with care to ensure their longevity. The CBN’s Director, Corporate Communications, encouraged the public to adopt alternative payment methods, such as electronic channels, to reduce the pressure on cash usage. “We encourage the public to adopt digital payments, which will help streamline transactions and reduce dependency on physical currency,” she concluded.

By Damilola Adeleke