JUST-IN:No Deadline over validity of old naira notes---CBN slams Reps

The Central Bank of Nigeria (CBN) has debunked the rumours making the round that the old N200, N500, and N1000 notes would cease to be legal tender after December 31, 2024.

The Bank in a statement signed by its Ag. Director, Corporate Communications, Sidi Ali, Hakama, described the claims as false and calculated to disrupt the country’s payment system.

According to the Apex Bank, the false claims have become topics of discussion at different forums recently.

The CBN, on its part, said there was no such December 31, 2024, deadline for the validity of the old naira notes.

Acting Director, Corporate Communication, Mrs. Sidi Hakama, who stated this in a statement, titled, “No deadline on circulation of old series of naira notes,’’ said: “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 N1,000 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

It will be recalled that the Supreme Court 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 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.”

Recall that,The Green Chamber has urged the apex bank to order commercial banks to, forthwith, stop cash payments to their customers with old N200, N500 and N1,000 notes and engage in gradual mopping up of the old notes.

The resolutions of the House followed the adoption of a motion of urgent national importance moved by Afam Ogene at plenary in Abuja.