CBN debunks rumors of old naira notes’ December 2024 deadline

It has been made clear by the Central Bank of Nigeria (CBN) that the old series of N200, N500, and N1,000 bills will not be phased out by December 31, 2024.

The top bank’s explanation came on the same day that the House of Representatives asked it to print more new N200, N500, and N1,000 notes and start taking old ones out of circulation before they are no longer legal tender on December 31, 2024.

The House also asked the government’s apex bank to tell commercial banks to stop giving old N200, N500, and N1,000 notes to users right away and start slowly getting rid of them.

In session, Hon. Afam Ogene moved the decision of the lower chamber. This came after a motion of urgent national importance was passed about how the Central Bank of Nigeria (CBN) needs to make Nigerians aware that old naira notes will no longer be legal cash from January 1, 2025.

The CBN, through Mrs. Sidi-Ali Hakama, acting Director of Corporate Communications, said in a statement made last night (October 24) that the House’s claims are “false and meant to disrupt the country’s payment system.”

To be clear, the Central Bank of Nigeria (CBN) said that the Supreme Court’s order from November 29, 2023, which allowed the Attorney-General of the Federation and the Minister of Justice to keep using old Naira bills forever, is still valid.

In the same way, the Central Bank of Nigeria (CBN) has told all of its offices to continue to issue and accept all amounts of Nigerian bills, both old and new designs, to and from deposit money banks (DMBs).

Hakama also said that the central bank’s earlier order for all of its offices to keep issuing and accepting all amounts of Nigerian banknotes, old and new, to and from deposit money banks (DMBs) was still valid.

Along with the new designs, the Supreme Court said that the old series of N200, N500, and N1,000 bills would still be valid forms of payment.

The statement also said that all bills released by the CBN will stay legal cash 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.”