The Central Bank of Nigeria (CBN) has clarified that there is currently no expiration date for the use of old Naira notes as legal tender, countering a recent announcement from the House of Representatives setting a December 31, 2024, deadline.
The CBN emphasized that old denominations of N200, N500, and N1000 will continue to circulate alongside the new notes indefinitely, as part of the bank’s policy to ensure financial stability and accessibility for all Nigerians. This update comes in response to concerns raised by the House of Representatives, which had earlier recommended a final deadline for the circulation of old currency.
This indefinite extension by the CBN aims to prevent potential cash shortages and maintain economic flow, while further clarification on the policy is anticipated to prevent any confusion over the usage of old notes in the coming year.
