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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.”
The Academic Staff Union of Universities (ASUU) has reportedly declared a strike at Taraba State University over outstanding salary-related demands and delays in payments.
The strike is scheduled to begin today, October 12, 2026. According to the union’s chairman, the union had been engaging the Taraba State Government over its outstanding demands since February 2026.
“The union had exercised considerable patience and demonstrated its commitment to dialogue since February 2026, when it began engaging the Taraba State Government over the outstanding issues,” Mbave said.
“The union had earlier suspended its planned industrial action following an appeal by the government for additional time through the Office of the Head of Civil Service, in the interest of maintaining industrial harmony,” the chairman added.
The Chairman of Gboko Local Government Area of Benue State, Torseer Yina, has imposed a dusk-to-dawn curfew in the ancient town.
The curfew takes effect from Thursday, October 8, 2026, following unrest and violent protests in the area.
According to reports, the action was taken to contain the unrest and violent protests by members of BEMOA following the death of one of its members by unknown gunmen.
The protest, which was reportedly hijacked by hoodlums, turned violent after an angry mob burnt two vehicles belonging to the Benue State Civil Protection Guards.
The Gboko council chairman said the curfew takes effect immediately and warned that anyone caught flouting the order or breaching public peace would be decisively dealt with.
Nine people have died in a fatal road crash along the Ijebu-Ode-Benin Expressway in Ogun State.
The crash occurred on Monday at about 4:55pm around the Bethel area along the Ijebu-Ode/Ore axis of the expressway. It involved a white Toyota Hiace commercial bus belonging to Delta Line and a white Sino truck operated by Bill Gas Solution Ltd.
According to the Federal Road Safety Corps (FRSC), all nine people involved in the crash, comprising three males and six females, died in the incident.
The FRSC said the crash occurred while it was raining and the road was wet, with preliminary investigations identifying speed violation as the probable cause.
The FRSC rescue team arrived at the scene shortly after receiving the report, while the bodies of the victims were taken to the General Hospital Morgue in Ijebu-Ode.
The Ogun State Sector Commander, Oludare Ogunjobi, urged motorists, especially commercial drivers, to obey speed limits and exercise extra caution when driving in the rain.
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