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CBN clarifies no deadline for circulation of old banknotes

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CBN raises alarm over 'Fake Naira notes' in Circulation

The Central Bank of Nigeria (CBN) says it has not fixed any deadline for the circulation of the old N200, N500 and N1,000 banknotes.

The Acting Director, of the Corporate Communications Department of the CBN, Hakama Sidi Ali, said this in a statement on Thursday in Abuja.

Sidi-Ali was reacting to social media reports that the apex bank had fixed Dec. 31 as the deadline for circulating the old notes.

She said that a Supreme Court verdict extending the legal tender status of the old banknotes indefinitely still subsists.

According to her, the CBN has been drawn to discussions that the old series of the N200, N500, and N1,000 banknotes will cease to be legal tender on Dec. 31.

“We wish to state categorically that such claims are false and calculated to disrupt the country’s payment system.

“The order of the Supreme Court 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 from deposit money banks (DMBs) remains in force,” she said.

She advised public members to disregard suggestions that the said series of banknotes would cease to be legal tender on Dec. 31.

“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, to reduce pressure on the use of physical cash,” she said.

The News Agency of Nigeria (NAN) recalls that the Supreme Court had 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 CBN will continue to remain legal tender indefinitely.

Lawrence Agbo, a tech journalist for over four years, excels in crafting SEO-driven content that boosts business success. He also serves as an AI tutor, sharing his knowledge to educate others. His work has been cited on Wikipedia and various online media platforms.

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