All Naira notes stay authorized tender indefinitely – CBN 

The Central Bank of Nigeria (CBN) has reaffirmed that each one denominations of Naira banknotes, together with previous and new designs, will stay legitimate as authorized tender indefinitely.

This clarification comes amid circulating misinformation relating to the validity of previous Naira notes.

In an announcement launched on Friday by the CBN’s Appearing Director of Company Communications, Mrs. Sidi Ali Hakama, the bank reiterated its dedication to the Supreme Courtroom ruling of November 29, 2023.

In line with Hakama, the ruling permits the concurrent circulation of all variations of the N1,000, N500, and N200 denominations indefinitely.

“In step with the bank’s earlier clarifications and to supply additional assurance, the CBN needs to reiterate that the subsisting Supreme Courtroom ruling granted on November 29, 2023, permits the concurrent circulation of all variations of the N1,000, N500, and N200 denominations of the Naira indefinitely. 

“For the avoidance of doubt, all variations of the Naira, together with the previous and new designs of N1,000, N500, and N200 denominations, in addition to the commemorative and former designs of the N100 denomination, stay legitimate and proceed to be authorized tender with none deadline,” the assertion learn. 

Disregard misinformation 

• Hakama referred to as on the general public to disregard rumours suggesting that previous Naira notes would stop to be authorized tender by December 31, 2024.
• “We, due to this fact, advise the general public to ignore any claims that the previous collection of the aforementioned banknotes will stop to be authorized tender on December 31, 2024,” she said. 
• The CBN additionally urged Nigerians to proceed accepting all Naira notes for day by day transactions whereas dealing with them with care to make sure their longevity.
• Along with addressing the validity of the Naira notes, the CBN inspired Nigerians to embrace different cost strategies to scale back reliance on bodily money.
•  Hakama famous, “We urge Nigerians to proceed accepting all Naira banknotes (each previous and redesigned) for his or her day by day transactions and to deal with them with care to make sure their longevity,” Hakama famous. 
• The bank additionally emphasised the significance of using digital cost channels to ease strain on money utilization, a transfer aligned with its ongoing efforts to advertise monetary inclusion and modernize Nigeria’s cost programs.

What you need to know 

• On October 26, 2022, the speedy previous Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, introduced the redesign of the best denominations of the Naira — N200, N500, and N1,000 notes.
• The preliminary deadline for Nigerians to deposit previous notes in alternate for brand new ones was set for January 31, 2023.
• The CBN justified the redesign by stating that it could assist curb corruption, cut back foreign money fraud, tackle the rising menace of kidnapping for ransom, decrease inflation, and deal with the difficulty of extreme cash in circulation.
• Nevertheless, regardless of an extension of the deadline, the coverage led to a extreme money shortage that considerably disrupted day by day life for a lot of Nigerians between March and April 2023.