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Update: Old N200, N500, N1,000 Banknotes Will Remain Legal Tender Indefinitely – CBN Insist

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The Nigerian Central Bank has said no deadline is fixed for the circulation of old naira notes.

In 2022, a controversy erupted in Nigeria after the apex bank, under the leadership of then-Governor Godwin Emefiele, announced plans to redesign and introduce new versions of three denominations of banknotes: N200, N500, and N1000.

The existing notes were to remain valid until January 31, 2023. This move sparked widespread debate and discussion across the country. This policy also subjected Nigerians to hardships as millions struggled daily to get the new notes.

The policy was later relaxed by President Bola Tinubu shortly after his inauguration on May 29, 2023.

There have been rumours lately that the bank has issued a directive stating that the old series of the N200, N500, and N1,000 banknotes shall cease legal tender on December 31, 2024.

On Thursday, the House of Representatives urged the CBN to ensure wide circulation of new notes of N200, N500 and N1000 as well as begin a gradual withdrawal of the old notes from circulation.

This call was made after a motion raised by Adam Victor Ogene (LP, Anambra), demanding that the apex bank should kick-start awareness programmes for Nigerians to be aware and prepare for the deadline of December 31, 2024.

However, a press statement issued by Sidi Ali, Hakama (Mrs.) CBN Ag. Director, of Corporate Communications late on Thursday described the news as false which was targeted to disrupt the country’s payment system.

The apex bank maintained that there is a subsisting order of the Supreme Court which granted the prayer of the Attorney-General of the Federation and Minister of Justice to extend the use of old Naira banknotes indefinitely and any directive otherwise will be illegal.

The statement continued: “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 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.”

Nelly Agwu is an educationist, a journalist, a Blogger, graduate of History. Very dynamic and a realist. A mouthpiece of the oppressed. Easy going and a Philanthropist.

GPBN Association

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