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CBN Debunks Rumors: “Old Naira Notes to Stay in Circulation Indefinitely”
The Central Bank of Nigeria (CBN) has recently noticed discussions circulating in public spaces and media.
The claim is that the old series of Naira banknotes, specifically the N200, N500, and N1,000 notes, will no longer be considered legal tender by December 31, 2024.
However, the CBN firmly denies these claims, clarifying that they are incorrect and appear to be aimed at creating unnecessary confusion in the nation’s financial system.
To clarify, the Supreme Court of Nigeria, in its ruling on Wednesday, November 29, 2023, accepted the Attorney-General of the Federation and Minister of Justice’s plea to extend the validity of the old Naira notes indefinitely.
This decision reinforces the continued use of the older series of banknotes, which remain fully valid for transactions.
Furthermore, the CBN has instructed all its branches nationwide to continue issuing and accepting all denominations of Naira banknotes.
This directive applies to every deposit money bank (DMB) operating in Nigeria, ensuring that the older notes remain in full circulation alongside the redesigned ones.
Consequently, all CBN-issued notes, including the N200, N500, and N1,000 denominations in both old and redesigned forms, remain legal tender indefinitely.
“We encourage Nigerians to disregard claims that suggest the old banknotes will lose their status as legal tender by any particular date.
The public should feel confident in using all Naira banknotes for everyday transactions.
It’s also essential that everyone treats these banknotes with care to maintain their longevity and quality.” CBN releases.
“In addition to this, we urge Nigerians to consider adopting alternative, more modern methods of payment, such as electronic channels, to help ease the demand for physical cash transactions.”
Embracing these digital payment systems can offer greater convenience and reduce the need for handling physical money.
In short, Nigerians are encouraged to continue using and accepting all forms of Naira banknotes without concern for any impending deadline.
“CBN remains committed to ensuring the stability of the country’s payment system and facilitating smooth transactions across Nigeria.”
Nigerian news analyst, Mahmud Jega, has shared his opinion on the recent airstrike carried out by the United States in Nigeria, stating that Nigerians should not blame President Bola Tinubu for the incident.
Jega made this statement during a recent interview, where he said he does not believe many people will hold the Tinubu administration responsible, as Donald Trump had issued threats against Nigeria long before Tinubu’s administration.
“No, I don’t think many people will blame the Tinubu administration for what is happening now because President Donald Trump, when he first made the threats, it was clearly not in coordination with the Tinubu administration or the government of Nigeria,” Jega said.
It has been reported that the United States carried out an airstrike targeting ISIS in the northwest region of Nigeria. The order was reportedly given by former U.S. President Donald Trump.
“Tonight, at my direction as Commander in Chief, the United States launched a powerful and deadly strike against ISIS terrorist elements in northwest Nigeria,” Trump said.
He added, “I have previously warned these terrorists that if they did not stop the slaughtering of Christians, there would be hell to pay, and tonight, there was.”
The Federal Government of Nigeria has officially declared the holiday dates for the festive season.
Thursday, December 25 will be observed as Christmas Day, December 26 as Boxing Day, and Thursday, January 1 as New Year’s Day.
The declaration was made by the Permanent Secretary of the Ministry of Interior, Dr. Magdalene Ajani. He also added that Nigerians should celebrate the holidays in faith and pray for the nation.
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