The Central Bank of Nigeria (CBN) has dismissed reports that the old N200, N500, and N1,000 banknotes will cease to be legal tender by December 31, 2024.

In a statement by Mrs. Sidi Ali, the Acting Director of Corporate Communications, the CBN refuted these claims, stating they are false and intended to disrupt the country’s payment system.

Ali emphasized that the Supreme Court ruling on November 29, 2023, allowing the old banknotes to remain in circulation indefinitely remains valid.

The CBN also reiterated its directive to its branches to continue accepting and issuing all denominations of Nigerian banknotes, both old and redesigned, in transactions with deposit money banks (DMBs).

The CBN encouraged the public to disregard any rumours suggesting that old Naira notes will no longer be legal tender by the end of 2024, urging Nigerians to accept and use all Naira banknotes for daily transactions.

The public was advised to embrace alternative payment methods, such as electronic channels, to reduce reliance on physical cash.

Credit: thenationonlineng.net