• Latest
  • Trending
CBN: Both Old and New Naira Notes Remain Legal Tender Indefinitely

CBN: Both Old and New Naira Notes Remain Legal Tender Indefinitely

Police Seal Off Rivers PDP Secretariat Over Leadership Dispute

PDP Names 13-Member Screening Committee Ahead of National Convention

New Military Leaders: Brief Profile of Tinubu’s Appointed Service Chiefs

Retired Generals React as Tinubu Reshuffles Nigeria’s Service Chiefs

Tinubu Explains Reason Behind Sacking of Service Chiefs

Tinubu Explains Reason Behind Sacking of Service Chiefs

18 Key Highlights from Tinubu’s 65th Independence Day Speech

ADC to Tinubu: Tell Nigerians the Real Reason You Fired the Service Chiefs

Tension in Kwara as Truckloads of Suspected Herders Arrive for Voter Registration

Tension in Kwara as Truckloads of Suspected Herders Arrive for Voter Registration

After Two Years,  Nigeria Cleared from Money Laundering Wacthlist

After Two Years, Nigeria Cleared from Money Laundering Wacthlist

New Military Leaders: Brief Profile of Tinubu’s Appointed Service Chiefs

New Military Leaders: Brief Profile of Tinubu’s Appointed Service Chiefs

Sunday, October 26, 2025
  • Login
No Result
View All Result
iDeemlawful
  • Home
  • News
  • Featured
  • Politics
  • LifeStyle
  • Advertise with Us
  • Opinion
  • Campus
iDeemlawful
No Result
View All Result
iDeemlawful
No Result
View All Result
  • Home
  • News
  • Featured
  • Politics
  • LifeStyle
  • Advertise with Us
  • Opinion
  • Campus
Home Breaking News
CBN: Both Old and New Naira Notes Remain Legal Tender Indefinitely

CBN: Both Old and New Naira Notes Remain Legal Tender Indefinitely

by Abduljelil Issa
December 14, 2024
in Breaking News
A A
0

The Central Bank of Nigeria (CBN) has reaffirmed that all denominations of Naira banknotes, including old and new designs, will remain valid as legal tender indefinitely.

This clarification comes amidst circulating misinformation regarding the validity of old Naira notes.

In a statement released on Friday by the CBN’s Acting Director of Corporate Communications, Mrs. Sidi Ali Hakama, the bank reiterated its commitment to the Supreme Court ruling of November 29, 2023.

SeeThese

CBN Issues New Directives to Banks on Refund Policy for Failed ATM Transactions

Nigerian Banks resume International Transactions on Naira Cards

CBN dragged to Court over ATM fee hike

According to Mrs. Ali Hakama, the ruling permits the concurrent circulation of all versions of the N1,000, N500, and N200 denominations indefinitely.

ADVERTISEMENT

“In line with the bank’s previous clarifications and to offer further assurance, the CBN wishes to state 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.

The statement goes thus; “For the avoidance of doubt, all versions of the Naira, including the old and new designs of N1,000, N500, and N200 denominations, as well as the commemorative and previous designs of the N100 denomination, remain valid and continue to be legal tender without any deadline,”

The CBN called on the public to ignore rumours suggesting that old Naira notes would cease to be legal tender by December 31, 2024.
“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,” Hakama stated.

The CBN also urged Nigerians to continue accepting all Naira notes (both old and new) for their daily transactions while handling them with care to ensure their longevity.

In addition to addressing the validity of the Naira notes, the CBN encouraged Nigerians to embrace alternative payment methods to reduce reliance on physical cash.

The bank also emphasized the importance of utilizing electronic payment channels to ease pressure on cash usage, a move aligned with its ongoing efforts to promote financial inclusion and modernize Nigeria’s payment systems.

For information sake, it is pertinent to note that; On the 26 October, 2022, the immediate past Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, announced the redesign of the highest denominations of the Naira — N200, N500, and N1,000 notes.
The initial deadline for Nigerians to deposit the old notes in exchange for the new ones was set for January 31, 2023.
The CBN justified the redesign by stating that it would help curb corruption, reduce currency fraud, address the growing menace of kidnapping for ransom, lower inflation, and tackle the issue of excessive money in circulation.
However, despite an extension of the deadline, the policy led to a severe cash scarcity that significantly disrupted daily life for many Nigerians between March and April 2023.

Tags: CBNCBN governorGodwin EmefieleiPadNaira
Previous Post

Can Nigeria Truly Develop Without Reliable Power supply? -VP Shettima

Next Post

Fire guts Christ Apostolic Church in Ibadan

Next Read

New Military Leaders: Brief Profile of Tinubu’s Appointed Service Chiefs
Breaking News

Retired Generals React as Tinubu Reshuffles Nigeria’s Service Chiefs

...

Read moreDetails
Tinubu Explains Reason Behind Sacking of Service Chiefs
Breaking News

Tinubu Explains Reason Behind Sacking of Service Chiefs

...

Read moreDetails
18 Key Highlights from Tinubu’s 65th Independence Day Speech
Breaking News

ADC to Tinubu: Tell Nigerians the Real Reason You Fired the Service Chiefs

...

Read moreDetails
Tension in Kwara as Truckloads of Suspected Herders Arrive for Voter Registration
Breaking News

Tension in Kwara as Truckloads of Suspected Herders Arrive for Voter Registration

...

Read moreDetails
New Military Leaders: Brief Profile of Tinubu’s Appointed Service Chiefs
Breaking News

New Military Leaders: Brief Profile of Tinubu’s Appointed Service Chiefs

...

Read moreDetails
Full List as Tinubu Sacks Military Command, Appoints New Defence and Service Chiefs
Breaking News

Full List as Tinubu Sacks Military Command, Appoints New Defence and Service Chiefs

...

Read moreDetails
BREAKING: Police Re-Arrest Sowore Minutes After Court Grants Him Bail
Breaking News

BREAKING: Police Re-Arrest Sowore Minutes After Court Grants Him Bail

...

Read moreDetails
Report Links IPOB Networks to Online Fueling of ‘Christian Genocide’ Claims
Breaking News

Report Links IPOB Networks to Online Fueling of ‘Christian Genocide’ Claims

...

Read moreDetails
Next Post
Fire guts Christ Apostolic Church in Ibadan

Fire guts Christ Apostolic Church in Ibadan

Dele Farotimi decline Mediation as he Faces Legal actions from Afe Babalola’s lawyers over alleged defamation

Dele Farotimi decline Mediation as he Faces Legal actions from Afe Babalola's lawyers over alleged defamation

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

iDeemlawful

Copyright © 2019 iDeemlawful.

Useful Links

  • About
  • Advertise
  • Editorial
  • Support

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Copyright © 2019 iDeemlawful.