The Central Bank of Nigeria (CBN) has reassured the public that there is no set deadline for the use of old Naira notes.
This clarification came on the heels of the recent order by the House of Representatives directing the CBN to print more new N200, N500 and N1000 notes and to begin gradual withdrawal of the old denominations.
The lawmakers also ordered that banks should stop giving out old N200, N500 and N1000 notes.
There was also a report making the round that the N200, N500, and N1,000 notes would no longer be valid after December 31, 2024.
The assurance was contained in a statement issued by Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali.
The bank affirmed that the Supreme Court’s ruling from November 2023, which extended the use of old banknotes indefinitely, remains in effect.
The order of the Supreme Court on November 29, 2023, extending the use of old banknotes indefinitely remains in force,” the statement read.
“Nigerians are advised to ignore any contrary reports and continue using both old and new denominations.
Additionally, the CBN encouraged citizens to adopt digital payment methods for greater convenience