The Central Bank of Nigeria (CBN) has clarified that claims regarding the cessation of old N200, N500, and N1,000 banknotes as legal tender by December 31, 2024, are inaccurate.
Acting Director of Corporate Communications, CBN, Mrs. Sidi-Ali Hakama, stated, “These claims are false and calculated to disrupt the country’s payment system.”
The CBN’s announcement follows growing concerns after the House of Representatives urged the apex bank to phase out these old notes.
The House expressed its intentions in a recent plenary, noting the need for public sensitisation about the old notes’ purported non-legal tender status starting January 2025.
Hon. Afam Ogene called for immediate action, stating, “The CBN has not shown any sign of sensitisation. We need to prepare the public for the upcoming economic policy changes.”
However, Mrs. Hakama upheld the Supreme Court’s ruling from November 29, 2023, which grants continued validity for the old notes alongside the redesigned versions. “All banknotes issued by the CBN will continue to remain legal tender indefinitely,” she declared, urging the public to disregard misleading information.
The CBN reiterated its commitment to ensuring all denominations are accepted and circulated, counteracting the House’s proposals to halt cash payments with old notes.
In light of the deliberations, Hakama advised Nigerians to embrace alternative payment methods to ease reliance on physical cash.
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