The Central Bank of Nigeria (CBN) has clarified that it has not imposed any deadline on the use of the old N200, N500, and N1,000 banknotes, countering widespread social media claims that the notes would cease to be legal tender by December 31.
Hakama Sidi Ali, Acting Director of the CBN’s Corporate Communications Department, issued a statement on Thursday addressing the misinformation, stating that the Supreme Court’s ruling to extend the legal tender status of the old naira notes indefinitely remains in effect.
Sidi Ali condemned the circulating rumours, describing them as attempts to destabilise Nigeria’s payment systems. “We wish to state categorically that such claims are false and calculated to disrupt the country’s payment system,” she said. “The order of the Supreme Court granting the Attorney-General of the Federation’s prayer to extend the use of old naira banknotes indefinitely subsists.”
According to the CBN, its branches nationwide are directed to continue accepting and issuing all denominations of Nigerian currency from deposit money banks (DMBs). The bank urged the public to disregard any claims suggesting a December 31 deadline, assuring that the old banknotes would remain legal tender indefinitely.
The CBN also encouraged Nigerians to embrace alternative payment methods, such as electronic channels, to reduce reliance on physical cash.
This announcement comes in response to ongoing speculation and anxiety surrounding the status of the older naira notes, initially sparked by social media posts claiming an imminent end to their use.
