The Central Bank of Nigeria (CBN) has refuted claims that the old series of the N200, N500 and N1,000 banknotes shall cease to be legal tender on December 31, 2024.
The apex bank’s acting spokesperson Hakama Sidi, in a statement on Thursday night, said the claims were false.
“We wish to state categorically that such claims are false and calculated to disrupt the country’s payment system,” the statement said.
“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.
“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 bank also encouraged the public to embrace alternative modes of payment, e-channels, in order to reduce pressure on the use of physical cash.
Meanwhile, the House of Representatives on Thursday urged the CBN to gradually withdraw the old banknotes from circulation and replace them with the new ones before January 1, 2025.
