The Central Bank of Nigeria (CBN) has dispelled rumors that the old series of the N200, N500, and N1,000 banknotes will cease to be legal tender after December 31, 2024. In a statement issued on Thursday, the apex bank confirmed that these denominations will remain valid indefinitely.

The clarification was provided by Sidi Hakama, Acting Director of Corporate Communications at the CBN, in response to growing discussions suggesting the notes would lose their status as legal tender by year-end.

“The attention of the Central Bank of Nigeria has been drawn to discussions at different fora suggesting that the old series of the N200, N500, and N1,000 banknotes shall cease to be legal tender on December 31, 2024.”

“We wish to state categorically that such claims are false and calculated to disrupt the country’s payment system.”

The CBN emphasized that the Supreme Court’s ruling of November 29, 2023, which granted the Attorney-General of the Federation’s request to extend the validity of the old notes indefinitely, remains in effect. The bank also reiterated that both old and new series of the N200, N500, and N1,000 notes must continue to circulate.