The Central Bank of Nigeria (CBN) has dismissed rumors that the old series of N200, N500, and N1,000 banknotes will cease to exist as legal tender by December 31, 2024. 

In a statement released on Thursday, the CBN’s acting Director of Corporate Communications, Sidi Hakama, clarified that the use of these old naira notes remains valid indefinitely, in line with a Supreme Court order.

The CBN addressed what it described as misleading reports circulating in various forums, which suggested that the old banknotes would be phased out by the end of 2024. It stated that such claims are false and aimed at creating confusion within Nigeria’s payment system. 

The apex bank emphasized the continuity of the Supreme Court’s directive, which permits the old banknotes to remain in circulation alongside the newly redesigned versions.

The CBN reiterated that the Supreme Court’s decision from November 29, 2023, still holds. The court had ruled in favor of the Attorney-General of the Federation and Minister of Justice, extending the use of the old series of banknotes indefinitely.

The statement read: “The attention of the Central Bank of Nigeria (CBN) has been drawn to discussions at different fora suggesting that the old series of the N200, N500, and N1,000 banknotes shall cease to be legal tender on December 31, 2024. We wish to state categorically that such claims are false and calculated to disrupt the country’s payment system.”

The CBN also affirmed its ongoing directive to all branches, ensuring that both old and redesigned denominations of the naira remain available for circulation. 

Banks are instructed to accept and issue these notes to customers without restrictions, providing clarity for both businesses and the general public. 

“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,” the statement continued.