CBN Declares Old Naira Notes to Remain Legal Tender Indefinitely

The Central Bank of Nigeria (CBN) has reaffirmed that all denominations of Naira banknotes, including both old and new designs, will remain legal tender indefinitely. This clarification follows misinformation suggesting an impending expiration of old Naira notes. In a statement released on Friday, the Acting Director of Corporate Communications at the CBN, Mrs. Sidi Ali Hakama, emphasized the bank’s adherence to a Supreme Court ruling dated November 29, 2023. The ruling allows the concurrent circulation of all versions of the N1,000, N500, and N200 denominations indefinitely.

“For the avoidance of doubt, all versions of the Naira, including the old and new designs of the N1,000, N500, and N200 denominations, as well as the commemorative and previous designs of the N100 note, remain valid and will continue to be legal tender without any deadline,” the statement read.

The CBN also highlighted the importance of adopting electronic payment methods to reduce reliance on cash. Hakama noted, “We urge Nigerians to embrace electronic payment channels as part of our efforts to modernize Nigeria’s payment systems and promote financial inclusion.”

source: reportafrique.com

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