No deadline for circulation of old Naira notes – CBN debunks report

No deadline for circulation of old Naira notes – CBN debunks report

The central Bank of Nigeria on Thursday, October 24, debunked reports that the old naira notes of N200, N500 and N1,000 would cease to be a legal tender by December 31, 2024.

Recall that there were reports that the apex bank had announced a deadline for the withdrawal of the old notes.

However, a statement issued by the acting director of corporate communication for CBN, Hakama Sidi, said the claims are false.

Sidi also described the claim as a calculated move to disrupt Nigeria’s payment system.

He said, “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.

He also noted that the directive by the apex bank to its branches across the country is to continue to use and accept both the old and redesigned notes.

Sidi stated that the branches are also expected to deposit and issue these notes collected to the Deposit Money Banks (DMBs).