Old ₦1000, ₦500, and ₦200 Notes Remain Legal Tender Indefinitely – CBN

The Central Bank of Nigeria (CBN) has reiterated that the old ₦1000, ₦500, and ₦200 notes remain legal tender indefinitely.

This clarification follows a Supreme Court ruling on November 29, 2023, allowing the concurrent circulation of all versions of these denominations.

In a statement issued on December 13, 2024, by its Acting Director of Corporate Communications, Sidi Ali Hakama, the apex bank emphasized that there is no deadline for the validity of the old notes. “For the avoidance of doubt, all versions of the naira, including the old and new designs of ₦1000, ₦500, and ₦200 denominations, as well as the commemorative and previous designs of the ₦100 denomination, remain valid and continue to be legal tender,” the statement reads.

The CBN urged Nigerians to disregard rumors suggesting that the old series of these banknotes would cease to be legal tender by December 31, 2024. Instead, the public was encouraged to accept all versions of the currency for transactions, while handling the notes with care to preserve their longevity.

In addition to reassuring Nigerians of the validity of the old notes, the CBN encouraged the adoption of alternative payment methods, such as e-channels, to ease the reliance on physical cash.

This clarification comes amidst concerns over misinformation that has caused confusion in markets and among businesses. The CBN’s move is expected to restore confidence and ensure a smooth transactional flow across the nation.

By upholding the Supreme Court ruling, the apex bank underscores its commitment to providing a stable and inclusive monetary system for all Nigerians.