The Central Bank of Nigeria (CBN) has denied plans to declare old naira notes illegal, contrary to circulating rumors. In a December 2024 news update published on its website, the CBN reiterated that the Supreme Court ruling of November 29, 2023, permits the concurrent circulation of all versions of the ₦1000, ₦500, and ₦200 denominations of the Naira indefinitely.
The apex bank emphasized that all versions of the naira, including old and new designs, remain valid and continue to be legal tender without any deadline. The CBN urged the public to disregard claims that the old series of banknotes will cease to be legal tender on December 31, 2024, and encouraged Nigerians to continue accepting all Naira banknotes, both old and redesigned.
This clarification comes amid cash scarcity in some parts of the country, blamed in part on rumors that the old naira notes were going to be phased out. The Nigerian government introduced new naira notes on December 15, 2022, with plans to phase out the old notes, but the Supreme Court ordered the return of the old notes to circulation following public backlash and legal actions.
The CBN’s statement aims to restore confidence in the country’s financial system and reassure citizens of the continuous validity of all banknotes.
