The Central Bank of Nigeria (CBN) has denied reports suggesting it must phase out old N200, N500, and N1,000 notes by December 31, 2024. This clarification follows a House of Representatives directive urging the CBN to increase the circulation of new Naira notes and gradually withdraw old notes before the year-end deadline.
In a motion presented by Hon. Afam Victor Ogene, the House highlighted the 2023 cash shortages caused by the CBN’s Naira redesign policy, which introduced new N200, N500, and N1,000 notes. The policy was met with public outcry and legal resistance, leading to a Supreme Court ruling that allowed both old and new notes to remain in circulation. Ogene expressed concern over the CBN’s lack of public awareness programs about the impending deadline, urging that public sensitization begin immediately to prevent another cash crisis.
In response, the CBN, through its acting Director of Corporate Communications, Mrs. Sidi Ali Hakama, clarified that it has no directive to withdraw old notes by December 31, 2024, and assured the public that both old and new banknotes will remain legal tender indefinitely.
“The Supreme Court’s ruling allows the continued use of old Naira notes, and the CBN has no intention of disrupting Nigeria’s payment system,” Hakama stated, urging Nigerians to disregard misinformation about an impending withdrawal.
The House has directed its Committee on Banking Regulations to monitor the CBN’s adherence to its recommendations and report back within 21 days. Meanwhile, the CBN continues to encourage public reliance on its official communications, emphasizing that both old and redesigned notes remain valid and widely accepted across Nigeria.
