CBN Dismisses Report of Deadline for Old Naira Notes, Ignores Reps Speed Up Calls

Oluwasegun SanusiOctober 25, 20241 Mins read172

CBN

The Central Bank of Nigeria (CBN) has dismissed circulating reports that old Naira notes—specifically the N200, N500, and N1,000 denominations—will cease legal tender by December 31, 2024.

In a press release issued on Thursday night, the CBN clarified that these claims are false and could potentially disrupt the nation’s financial systems.

The apex bank reaffirmed the Supreme Court’s decision from November 2023, which extended the use of old Naira notes indefinitely.

This ruling came after the Attorney-General of the Federation’s plea for an extension, ensuring the old notes remain in circulation alongside their redesigned counterparts.

CBN has directed all its branches and deposit money banks (DMBs) to continue accepting old and new versions of these denominations, stressing that both remain valid legal tender.

In response to concerns raised by various quarters, including a plenary session of the Nigerian House of Representatives urging quicker circulation of newly redesigned banknotes, the CBN emphasised that there is no withdrawal deadline for old notes.

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, the statement reads in part.

Recall that it was earlier reported that the Nigerian House of Representatives urged the Central Bank of Nigeria (CBN) to speed up the circulation of newly printed N200, N500, and N1,000 banknotes and withdraw the old notes.

This was communicated during a plenary session on Thursday.