CBN Reaffirms Validity of Old N1000, N500, N200 Denominations

James Emejo in Abuja

The Central Bank of Nigeria (CBN) yesterday reiterated that the old N1000, N500, and N200 banknotes remained legal tender.
The central bank’s clarification followed recent misinformation regarding the validity of the old currency denominations currently in circulation.
In a statement, CBN acting Director, Corporate Communications, Mrs. Hakama Sidi Ali, pointed out that in line with the Bank’s previous position on the issue, the subsisting Supreme Court ruling granted on November 29, 2023, permits the concurrent circulation of all versions of the N1000, N500, and N200 denominations of the Naira indefinitely.
She said, “For the avoidance of doubt, all versions of the naira, including the old and new designs of N1000, N500, and N200 denominations, as well as the commemorative and previous designs of the 100 denomination, remain valid and continue to be legal tender without any deadline.
“We, therefore, advise the public to disregard any claims that the old series of the aforementioned banknotes will cease to be legal tender on December 31, 2024.”
Sidi-Ali further urged Nigerians to continue accepting all Naira banknotes both old and redesigned for their daily transactions and to handle them with care to ensure their longevity.
The CBN further encouraged the public to embrace alternative modes of payment, such as e-channels, to reduce pressure on using physical cash.