Cash Scarcity: CBN Clears Air on Validity of Old ₦1000, ₦500, ₦200 Notes

The Central Bank of Nigeria (CBN) has clarified that all naira banknotes, including the old and new designs of the ₦1000, ₦500, and ₦200 denominations, as well as the commemorative and previous designs of the ₦100 note, remain valid legal tender indefinitely, with no set deadline.

EKO HOT BLOG reports that In a statement signed by Sidi Ali Hakama, Acting Director of Corporate Communications, the CBN addressed misinformation about the validity of old ₦1000, ₦500, and ₦200 banknotes. The apex bank reaffirmed that a Supreme Court ruling on November 29, 2023, allows the concurrent use of all versions of these denominations.

The CBN urged the public to dismiss claims suggesting that old naira banknotes would cease to be legal tender on December 31, 2024.

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The statement read:
“The Central Bank of Nigeria (CBN) has noted the misinformation surrounding the validity of old ₦1000, ₦500, and ₦200 banknotes currently in circulation.

“In line with the Bank’s previous clarifications, we reiterate that the Supreme Court ruling of November 29, 2023, permits the simultaneous use of all versions of these denominations without restriction.

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“To clarify, all naira banknotes, including the old and redesigned ₦1000, ₦500, and ₦200 notes, along with the commemorative and older ₦100 notes, remain valid and will continue to be legal tender indefinitely.

“We advise the public to disregard any claims that the old series of these notes will expire on December 31, 2024. Nigerians are encouraged to accept and use all naira banknotes in their transactions and to handle them with care to preserve their quality.”

The CBN also encouraged Nigerians to adopt electronic payment channels to ease reliance on physical cash and reduce pressure on currency circulation.

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