The Central Bank of Nigeria (CBN) has issued a clarification regarding the old Naira notes. According to the CBN, the old Naira notes will continue to be accepted as legal tender indefinitely.
This clarification comes after rumors circulated that the old N200, N500, and N1,000 notes would cease to be legal tender by December 31, 2024. The CBN has urged Nigerians to disregard any misleading information and continue using both the old and new denominations.
The CBN's clarification is based on the Supreme Court's ruling from November 29, 2023, which extended the use of old banknotes indefinitely. This means that both the old and new Naira notes will continue to coexist as legal tender.
The CBN has also encouraged citizens to adopt digital payment methods to reduce reliance on physical cash. This move is aimed at promoting a cashless economy and reducing the risks associated with carrying large amounts of cash.
By issuing this clarification, the CBN aims to alleviate any confusion or uncertainty among Nigerians regarding the old Naira notes. The bank reassures the public that both old and new denominations will continue to be accepted as legal tender.