CBN Reiterates Validity Of Old Naira Notes, Dismisses December 31 Deadline
The Central Bank of Nigeria (CBN) has once again clarified the validity of old naira notes, putting to rest rumors of a December 31 deadline for their use. According to a statement by the CBN's Acting Director of Corporate Communications, Hakama Sidi Ali, both old and redesigned naira notes will continue to be legal tender without any expiration date.
The CBN's clarification comes on the heels of widespread misinformation regarding the validity of the old N1000, N500, and N200 banknotes currently in circulation. The bank has reassured the public that all versions of the naira, including the old and new designs of N1000, N500, and N200 denominations, as well as the commemorative and previous designs of the N100 denomination, remain valid and continue to be legal tender without any deadline.
The Supreme Court ruling permits the continued use of all versions of the affected denominations indefinitely, dismissing any claims of an expiration date. The CBN has urged Nigerians to continue accepting all naira banknotes (both old and redesigned) for their daily transactions and to handle them with care to ensure their longevity.
The CBN's clarification is a welcome development, as it will help to reduce confusion and uncertainty among the public. The bank has also encouraged the adoption of alternative payment channels, such as electronic banking, to reduce reliance on physical cash.
In addition, the CBN has advised the public to disregard any claims that the old series of the aforementioned banknotes will cease to be legal tender on December 31, 2024. This clarification is expected to provide relief to businesses and individuals who may have been concerned about the potential impact of a deadline on their financial transactions.
In conclusion, the CBN's clarification on the validity of old naira notes is a positive development that will help to promote financial stability and reduce uncertainty among the public. The bank's reassurance that all versions of the naira remain valid and continue to be legal tender without any deadline is a welcome development that will help to support economic activity and promote financial inclusion.
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