By Abigail Philip David
The Central Bank of Nigeria (CBN) has reiterated that the old N1000, N500, and N200 banknotes remain valid as legal tender, countering recent misinformation about their status.
In a statement released on Friday and signed by Mrs. Hakama Sidi-Ali, Acting Director of Corporate Communications, the CBN affirmed that the Supreme Court ruling of November 29, 2023, allows the indefinite circulation of both old and new designs of these denominations.
The apex bank emphasized that all versions of the naira—old and redesigned N1000, N500, and N200 notes, as well as commemorative and earlier designs of the N100 note—are valid for transactions.
The statement clarified concerns over reports suggesting that the old notes would lose their legal tender status by December 31, 2024. It read:
> “The Central Bank of Nigeria (CBN) has observed the misinformation regarding the validity of the old N1000, N500, and N200 banknotes currently in circulation.
> In line with the Bank’s previous clarifications and to offer further assurance, the CBN wishes to reiterate that the subsisting Supreme Court ruling granted on November 29, 2023, permits the concurrent circulation of all versions of the N1000, N500, and N200 denominations of the naira indefinitely.
> For the avoidance of doubt, all versions of the naira, including the old and new designs of 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 CBN urged Nigerians to continue using both old and redesigned banknotes while handling them with care to maintain their quality. The bank also encouraged the adoption of alternative payment methods, such as electronic banking, to reduce dependence on physical cash.
This clarification comes amid public concerns and confusion over the status of old naira notes, compounded by ongoing cash scarcity.
