The attention of the Central Bank of Nigeria (CBN) has been drawn to discussions at different
fora suggesting that the old series of the N200, N500, and N1,000 banknotes shall cease to
be legal tender on December 31, 2024. We wish to state categorically that such claims are
false and calculated to disrupt the country’s payment system.
For the avoidance of doubt, the order of the Supreme Court of Nigeria on Wednesday,
November 29, 2023, granting the prayer of the Attorney-General of the Federation and
Minister of Justice to extend the use of old Naira banknotes ad infinitum, subsists.
Similarly, the CBN’s directive to all its branches to continue to issue and accept all
denominations of Nigerian banknotes, old and re-designed, to and from deposit money banks
(DMBs) remains in force.
It will be recalled that the Supreme Court ordered that the old series of N200, N500, and
N1,000 banknotes shall continue to be legal tender alongside the redesigned versions.
Accordingly, all banknotes issued by the Central Bank of Nigeria (CBN) will continue to
remain legal tender indefinitely.
We, therefore, advise members of the public to disregard suggestions that the said series of
banknotes will cease to be legal tender on December 31, 2024. We urge Nigerians to
continue to accept all Naira banknotes (old or redesigned) for their day-to-day transactions
and handle them with the utmost care to safeguard and protect their lifecycle.
Furthermore, the general public is encouraged to embrace alternative modes of payment, e-
channels, in order to reduce pressure on the use of physical cash.