The Central Bank of Nigeria (CBN) has stated that the continuous use of old Naira banknotes remains valid.
In a statement on Thursday, Sidi Ali, Hakama’s interim director of corporate communications, stated that the former series of N200, N500, and N1,000 banknotes will remain legal tender on November 29, 2023, as ruled by the Supreme Court.
The CBN has also instructed all its branches to continue issuing and accepting both old and redesigned Naira notes from deposit money banks (DMBs) as it reaffirmed that all denominations it issues will remain legal tender without any deadline.
Additionally, the CBN encouraged the public to embrace alternative payment methods, such as electronic channels, to ease the pressure on physical cash usage.
PRESS RELEASE – No Deadline On Circulation of Old Series of Naira Banknotes. pic.twitter.com/na7Klf0XhZ
— Central Bank of Nigeria (@cenbank) October 24, 2024
