Misinformation Addressed on Currency Validity
The Central Bank of Nigeria (CBN) has once again confirmed that all denominations of the naira, including both old and new designs of the ₦1000, ₦500, and ₦200 notes, as well as the various designs of the ₦100 note, will continue to be legal tender with no set deadline for their use. This statement comes in response to circulating misinformation about the status of these banknotes.
Supreme Court Ruling Reinforces Currency Validity
In a statement released by the CBN’s Acting Director of Corporate Communications, Mrs. Sidi Ali Hakama, the bank emphasized that a previous Supreme Court decision from November 29, 2023, has allowed for the indefinite circulation of these banknotes. The public is urged to ignore any rumors suggesting that the old banknotes would lose their legal tender status by December 31, 2024.
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Public Advised on Use of Currency
The CBN encourages Nigerians to continue using all naira notes for transactions and to handle them carefully to extend their lifespan. Furthermore, the bank promotes the use of electronic payment methods to lessen the reliance on physical cash.
Promoting Electronic Transactions
In addition to clarifying the status of physical currency, the CBN advises citizens to adopt various electronic payment options to facilitate smoother financial transactions and reduce the physical handling of cash. This move is part of broader efforts to modernize Nigeria’s payment system and enhance economic efficiency.
