A press statement issued by Sidi Ali, Hakama (Mrs.) CBN Ag. Director, of Corporate Communications late on Thursday said no deadline is fixed for the circulation of old naira notes directing all its branches to continue to issue and accept all denominations of Nigerian banknotes, old and re-designed.
This came due to rumours making the rounds that the bank has issued a directive stating that the old series of the N200, N500, and N1,000 banknotes shall cease to be 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 debunk the rumours of December 31, 2024 deadline.
The statement said, “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.
“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.
“Furthermore, the general public is encouraged to embrace alternative modes of payment, echannels, in order to reduce pressure on the use of physical cash.”