Skip to main content

No plan to phase out old naira banknotes, CBN reassures Nigerians

The Central Bank of Nigeria (CBN) says all denominations of naira banknotes currently in circulation remain indefinitely valid as legal tender and cannot expire or be phased out.

A statement on Friday by CBN’s Acting Director, Corporate Communications, Mrs Sidi Ali Hakama, said all banknotes including the old and new designs of N1,000, N500, and N200 were valid.

Hakama urged the public to disregard misinformation regarding the validity of the old notes.

“In line with the bank’s previous clarifications and to offer further assurance, the CBN wishes to reiterate that the subsisting Supreme Court ruling granted on November 29, 2023, permits the concurrent circulation of all versions of the N1,000, N500, and N200 denominations of the Naira indefinitely.

“For the avoidance of doubt, all versions of the Naira, including the old and new designs of N1000, N500, and 4200 denominations, as well as the commemorative and previous designs of the 100 denomination, remain valid and continue to be legal tender without any deadline.

“We, therefore, advise the public to disregard any claims that the old series of the aforementioned banknotes will cease to be legal tender on December 31, 2024.

“We urge Nigerians to continue accepting all Naira banknotes (both old and redesigned) for their daily transactions and to handle them with care to ensure their longevity,” she said.

The director encouraged the general public to embrace alternative modes of payment, such as e-channels, to reduce pressure on using physical cash.

ridoola.blogspot.com.ng
Labels:

Comments

Post a Comment

Popular posts from this blog

Okpebholo suspends A-G & LG Chair under 3 months over finance dealings

The Edo Government has announced the suspension of Samson Osagie , its Attorney-General and Commissioner for Justice, and Damian Lawani , chairman of the Local Government Service Commission. Mr Musa Ikhilor , Secretary to the State Government (SSG) announced the suspension in a statement in Benin on Thursday morning. ALSO READ: Kano Govt suspend 2 school principals for alleged absenteeism, negligence Ikhilor said the two-state top officials were suspended over allegations of “grave official and financial interactions”. Okpebholo suspends Edo Attorney-General and LG Service Commission Chairman According to him, the suspension, which takes immediate effect, is pending the conclusion of an investigation into the allegations. The SSG said; It is hereby announced for the information of the general public that Gov. Monday Okpebholo has approved the suspension from office of the Chairman of Edo Local Government Service Commission, Damian Lawani and Commissioner for Justice, Samson Os...
Post a Comment
Read more

Family Homes Funds, TETFund & Private Investors Lead National PPP Drive for Renewed Hope Student Housing Projects

The Renewed Hope Student Housing Project is a Public Private Partnership initiative of His Excellency Bola Ahmed Tinubu GCFR that is set to improve the living standards and revitalize infrastructure across Tertiary Institutions in the country with a plan to deliver 38,400 world class student hostel bed spaces across a total of 24 locations: 12 Universities, 6 Polytechnics & 6 Colleges of Education. The Renewed Hope Student Hostel Project in each of the 24 locations will boast 1,600 bed spaces, 400 ensuite rooms with study table and chairs, 4 reading rooms, common room, cafeteria & restaurants, laundromat, grocery shops, salons, public toilets etc.  Family Homes Funds Limited (FHFL), in partnership with the Federal Government of Nigeria, the Tertiary Education Trust Fund (TETFund) and Africa Plus Partners Nigeria Limited is set to deliver on Mr. President’s promise to transform student accommodation nationwide through the Public Private Partnership (PPP) Renewed Hope Stude...
Post a Comment
Read more

NYSC Mobilisation & Academic Standards – Raising quality or adding pressure on students?

On September 29, 2025, President Bola Ahmed Tinubu approved a reform linking the National Youth Service Corps (NYSC) mobilisation process to the National Policy for the Nigeria Education Repository and Databank (NERD). By invoking Sections 2(4)(4) and 16(1)(C) of the NYSC Act, Tinubu stated that no graduate, whether from a Nigerian or foreign institution, will be mobilised for or exempted from NYSC without proof of compliance with the NERD policy. In a common man's understanding, the Federal Government has announced that Nigerian students must now submit their final-year projects or thesis before they can be mobilised for the National Youth Service Corps (NYSC). This policy aims to improve academic standards, ensuring that no student skips essential academic requirements before entering the NYSC scheme . On the surface, this sounds like a laudable idea, but a deeper look reveals a different reality. In many universities, students are allowed to graduate and mobilised for NYSC  ...
Post a Comment
Read more