- Safiu Kehinde
The Central Bank of Nigeria (CBN) has denied the issuance of deadline for the circulation of old Naira notes.
Reacting to reports of December 31st deadline for the usage of old 200 500, and 1000 Naira notes across the country, CBN charged Nigerians to debunk the claims, stressing that the Naira notes remain a legal tender.
This was contained in a statement issued on Thursday by the apex bank’s spokesperson, Sidi Ali Hakama.
According to the statement, all banknotes issued by the Central Bank of Nigeria (CBN) will continue to remain legal tender indefinitely.
The bank labelled the alleged deadline as false and calculated to disrupt the country’s payment system.
It urged members if the public to disregard the claim and continue to use the Naira notes, noting that they remain legal tenders in accordance to the Supreme Court verdict.
The statement read in part; “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 NI 1000 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 NI ,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, echannels, in order to reduce pressure on the use of physical cash.”