In a statement issued by its Acting Director of Corporate Communications, Sidi Ali Hakama, the Bank labeled these claims as untrue and intended to disrupt the nation’s payment system.
The Apex Bank noted that these misleading assertions have been widely discussed in various forums recently.
The CBN reminded those spreading the rumors of a Supreme Court ruling from 2023 on this issue, emphasizing that it remains effective.
“To clarify, the Supreme Court of Nigeria's order on November 29, 2023, which granted the Attorney-General of the Federation and Minister of Justice the authority to extend the use of old Naira banknotes indefinitely, is still in effect.
“Additionally, the CBN's directive to all branches to continue issuing and accepting all denominations of Nigerian banknotes, both old and redesigned, from deposit money banks (DMBs) is still valid,” the Bank stated.
It is important to note that the Supreme Court has mandated that the old series of N200, N500, and N1,000 banknotes will continue to be recognized as legal tender alongside the new designs.
Consequently, the CBN affirmed that all banknotes it issues will remain legal tender indefinitely.
“We advise the public to ignore any claims suggesting that these banknotes will lose their legal tender status on December 31, 2024.
“We encourage Nigerians to accept all Naira banknotes, whether old or redesigned, for everyday transactions and to handle them carefully to ensure their longevity,” the Bank added.
Furthermore, the Bank urged Nigerians to consider electronic payment methods as a viable alternative to cash. The CBN stated that utilizing electronic channels would alleviate the demand for physical cash.
On October 26, 2022, the former Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, announced plans to redesign the highest denominations of the Naira—specifically the N200, N500, and N1000 notes. He set a deadline of January 31, 2023, for the public to deposit old notes in banks in exchange for the new currency.
The Central Bank of Nigeria stated that the introduction of the new notes aimed to combat corruption and currency fraud, address the rising issue of kidnapping for ransom, reduce inflation, and manage the excessive amount of money in circulation.
Although the deadline was subsequently extended, it resulted in a cash shortage that significantly impacted many Nigerians during March and April 2023. A Supreme Court ruling later in the year resolved the ongoing uncertainty, allowing Nigerians to continue using both the old and new notes.