The Central Bank of Nigeria (CBN) has put to rest rumors surrounding the validity of old N200, N500, and N1,000 banknotes. In a recent announcement, the apex bank confirmed that these notes will remain valid indefinitely, contrary to speculation that they would cease to be legal tender by December 31, 2024.
Supreme Court Ruling Supports Indefinite Use
The CBN’s decision is backed by a Supreme Court ruling from November 29, 2023. According to Sidi Hakama, acting Director of Corporate Communications at the CBN, the ruling allows both old and redesigned notes to coexist in circulation. This means that Nigerians can continue to use both series of banknotes for transactions without any fear of them being rejected.
CBN Directs Branches to Accept Old Notes
In line with the Supreme Court ruling, the CBN has directed all its branches to issue and accept both old and redesigned notes. This directive is aimed at ensuring a seamless transition and minimizing disruptions to economic activities.
House of Representatives’ Call for Gradual Phase-Out
Earlier, the House of Representatives had called on the CBN to implement a gradual phase-out of old naira notes. However, the CBN’s latest announcement confirms that the old notes will remain valid, putting to rest any speculation about a deadline for their use.
What This Means for Nigerians
The CBN’s clarification on the validity of old naira notes is a welcome development for Nigerians. It means that citizens can continue to use both old and redesigned notes without any fear of them being rejected. This will help to minimize disruptions to economic activities and ensure a seamless transition.
In conclusion, the CBN’s announcement has put to rest rumors surrounding the validity of old naira notes. With the Supreme Court ruling supporting the indefinite use of these notes, Nigerians can continue to use both old and redesigned notes for transactions without any fear of them being rejected.
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