CBN Confirms No Deadline for Withdrawal of Old Naira Notes
The Central Bank of Nigeria (CBN) has clarified that there is no fixed deadline for withdrawing old N200, N500, and N1,000 banknotes from circulation, dismissing rumors of a December 31 cutoff. This clarification was issued on Thursday by the Acting Director of the Corporate Communications Department, Hakama Sidi-Ali, following widespread reports on social media suggesting a phase-out date for the old currency notes.
Sidi-Ali stated that the Supreme Court’s decision, which indefinitely extended the validity of the old notes, remains in effect. “We wish to state categorically that such claims are false and calculated to disrupt the country’s payment system,” she affirmed.
The CBN reiterated that the directive allowing all branches to continue issuing and accepting all denominations of the old banknotes from deposit money banks (DMBs) is still in force. Sidi-Ali urged Nigerians to disregard any deadline rumors and assured the public that the old notes will continue to be accepted alongside the redesigned ones.
READ ALSO: House of Representatives Urges CBN to Withdraw Old Naira Notes, Circulate New Currency
She also encouraged the public to consider alternative payment methods to ease reliance on cash transactions, adding, “We urge Nigerians to continue to accept all Naira banknotes (old or redesigned) for their day-to-day transactions and handle them with the utmost care to safeguard and protect their lifecycle.”
This statement from the CBN aims to ease public concern and assure Nigerians of the continued validity of old banknotes for everyday transactions.
