The Central Financial institution of Nigeria (CBN) has introduced that each one variations of the naira, together with the previous and new designs of ₦1000, ₦500, and ₦200 denominations, in addition to the commemorative and former designs of the ₦100 denomination, stay legitimate and proceed to be authorized tender with none deadline.

Naija Information studies that CBN, in an announcement signed by its Performing Director, Company Communications, Sidi Ali Hakama, mentioned it’s important to make clear the misinformation relating to the validity of the previous ₦1000, ₦500, and ₦200 banknotes presently in circulation.

The apex financial institution reiterated 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.

It additional suggested the general public to ignore any claims that the previous sequence of banknotes will stop to be authorized tender on December 31, 2024.

The assertion reads, “The Central Financial institution of Nigeria (CBN) has noticed the misinformation relating to the validity of the previous ₦1000, ₦500, and ₦200 banknotes presently in circulation.

“According to 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.

“For the avoidance of doubt, all variations of the naira, together with the previous 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, subsequently, advise the general public to ignore any claims that the previous sequence of the aforementioned banknotes will stop to be authorized tender on December 31, 2024. We urge Nigerians to proceed accepting all Naira banknotes (each previous 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, akin to e-channels, to scale back stress on utilizing bodily money.”