CBN Clarifies Validity of Previous Naira Notes, Dismisses December 31 Deadline
The Central Financial institution of Nigeria (CBN) has noticed the misinformation concerning the validity of the outdated #1000, #500, and #200 banknotes at present in circulation.
In keeping with the Financial institution’s earlier clarifications and to supply additional assurance, the CBN needs to reiterate that the subsisting Supreme Court docket ruling granted on November 29, 2023, permits the concurrent circulation of all variations of the #1000, #500, and #200 denominations of the Naira indefinitely.
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For the avoidance of doubt, all variations of the naira, together with the outdated and new designs of N1000, N500, and N200 denominations, in addition to the commemorative and former designs of the N100 denomination, stay legitimate and proceed to be authorized tender with none deadline.
We, due to this fact, advise the general public to ignore any claims that the outdated collection of the aforementioned banknotes will stop to be authorized tender on December 31, 2024.
We urge Nigerians to proceed accepting all Naira banknotes (each outdated and redesigned) for his or her each day transactions and to deal with them with care to make sure their longevity.
Moreover, most of the people is inspired to embrace different modes of cost, resembling e-channels, to scale back strain on utilizing bodily money.