By: Bayero Ade
The Central Bank of Nigeria (CBN) has reaffirmed that the old N1,000, N500, and N200 notes will remain in circulation alongside the new versions, dismissing rumours of their withdrawal.
In a statement released on Friday, 13th December, the apex bank described claims of an impending phase-out as unfounded.
Hakama Ali, the Acting Director of Corporate Communications for the CBN, clarified that both the old and new naira notes are recognised as legal tender. He referenced the Supreme Court’s ruling of 29th November 2023, which permits the indefinite coexistence of the two versions.
“The CBN has no plans to withdraw the old notes. Nigerians can continue to use both old and new denominations for their transactions without any concerns,” Ali said.
The bank urged the public to disregard any misinformation about deadlines for the use of the old notes and assured that all denominations will remain valid for transactions.
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