The Central Bank of Nigeria (CBN) has reaffirmed that the old and redesigned N1000, N500, and N200 banknotes will remain in circulation indefinitely and continue to serve as legal tender alongside the newer versions.
In a statement issued by Mrs. Sidi Hakama, Acting Director of Corporate Communications, the CBN emphasized compliance with a Supreme Court ruling granted on November 29, 2023, which allows the concurrent use of all versions of these denominations without a deadline.
“For the avoidance of doubt, all versions of the naira, including the old and new designs of the 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,” the statement read.
The CBN has urged the public to disregard misinformation regarding the validity of old naira notes and to accept all naira banknotes for transactions. Furthermore, the apex bank has encouraged Nigerians to explore alternative payment methods, such as electronic payments, to reduce reliance on physical cash.
