By Barnabas Esiet.
The Central Bank of Nigeria (CBN) has reiterated the validity of the old series of N1000, N500, and N200 denominations, contrary to misinformation circulating about their expiration.
In a statement signed by the Acting Director of Corporate Communications, Sidi Hakama,the CBN noted that the Supreme Court ruling of November 29, 2023, permits the concurrent circulation of all versions of these denominations indefinitely.
The apex bank assured the public that all versions of the naira, including old and new designs, remain valid and legal tender without any deadline.
This clarification aims to alleviate concerns and misinformation that the old series of these banknotes would cease to be legal tender on December 31, 2024.
The CBN has also urged Nigerians to continue accepting all naira banknotes, both old and redesigned, for daily transactions.
The public is also advised to handle these banknotes with care to ensure their longevity. Furthermore, the CBN encourages the public to adopt alternative modes of payment, such as e-channels, to reduce the pressure on physical cash.
This clarification is in line with the Bank’s efforts to promote financial inclusion, reduce cash transactions, and enhance the overall efficiency of the payment system.
By reaffirming the validity of the old naira notes, the CBN aims to maintain public confidence in the naira and ensure a seamless transition to a more digital economy.
In recent times, the CBN has implemented various initiatives to promote a cashless economy, including the deployment of e-payment channels and the encouragement of digital transactions.
These efforts are designed to reduce the reliance on physical cash, promote financial inclusion, and enhance the overall efficiency of the payment system.
The CBN’s clarification on the validity of the old naira notes is expected to provide relief to businesses, individuals, and other stakeholders who may have been concerned about the potential expiration of these banknotes.
By maintaining public confidence in the naira and promoting a seamless transition to a more digital economy, the apex bank is taking proactive steps to ensure the stability and growth of the Nigerian economy.
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