Skip to content

CBN says no deadline for old banknote circulation

The Central Bank of Nigeria has clarified that there is no deadline for the circulation of N200, N500, and N1,000 banknotes.

The Central Bank of Nigeria (CBN), yesterday said it does not intend to discontinue the circulation of the old series of N200, N500, and N1,000 banknotes by December 31, 2024.

The central bank’s clarification became necessary after the House of Representatives called on the apex bank to increase issuance of the newer N200, N500, and N1,000 denominations, and commence the phase-out of old notes from circulation before the December 31, 2024 deadline for their discontinuation.

Nigeria's Old Bank notes

The House further urged the apex bank to order commercial banks to immediately stop cash payments to their customers with old N200, N500, and N1,000 notes as well as engage in gradual mopping up of the old notes.

The resolution of the lower chamber, which was moved at plenary by Hon. Afam Ogene, followed the adoption of a motion of urgent national importance on the need for CBN to sensitize Nigerians about the non-legal tender status of old naira notes from January 1, 2025.

Ogene expressed worry that the CBN had not shown any sign of sensitization or kick-started any awareness programme to remind Nigerians about this important economic policy to make them prepare for the deadline of December 31, 2024.

However, the CBN in a statement issued by its acting Director, Corporate Communications Department, Mrs. Sidi-Ali, Hakama, said such claims by the House are “false and calculated to disrupt the country’s payment system”.

For the avoidance of doubt, the CBN maintained that the order of the Supreme Court on Wednesday, November 29, 2023, which granted the prayer of the Attorney-General of the Federation and Minister of Justice to extend the use of old Naira banknotes ad infinitum, remains in force.

Comments

Latest