The Central Bank of Nigeria (CBN) has firmly dismissed reports claiming that the old N200, N500, and N1,000 naira banknotes will no longer be considered legal tender by December 31, 2024. In a recent statement, the CBN clarified that there is no deadline in place for phasing out these banknotes, labeling the circulating claims as baseless and cautioning the public to ignore such rumors.
These unfounded reports, which surfaced through social media and various news channels, have stirred confusion across the country, with concerns about restricted access to banknotes or an impending transition deadline. Many Nigerians were left wondering if the cash they hold could soon be invalidated without adequate notice or official communication. In response, the CBN took immediate steps to reassure the public, emphasizing that any changes in the legal status of currency denominations would be clearly communicated through formal channels.
The spread of misinformation has added unnecessary strain to an economy already grappling with various challenges, especially around currency availability and inflation. Many citizens expressed concern about the reliability of banknotes they currently hold, fearing that a sudden policy shift might force them to exchange old notes within an unrealistic time frame. The CBN underscored its commitment to maintaining stability and transparency, asserting that such a significant policy decision would never be made or enacted without thorough planning and adequate time for public adjustment.
The CBN reassured Nigerians that any decisions regarding currency changes, redesigns, or retirement of specific denominations would be announced in a structured and transparent manner, allowing sufficient time for adaptation and consultation with stakeholders. The bank highlighted its responsibility to the public and financial markets to maintain stability and prevent unnecessary panic, underscoring that speculative reports do not reflect official policy.
The bank further stated that it remains committed to the continued coexistence of both old and newly redesigned naira notes to accommodate the needs of the Nigerian population, especially those in rural or cash-reliant areas where access to new notes might be more challenging. In addition, the CBN is actively working with financial institutions to ensure smooth currency distribution and minimize disruptions to citizens.
To curb the spread of similar rumors, the CBN called on Nigerians to rely only on information from credible, official sources rather than social media platforms and unverified news outlets. The bank warned against the risks of misinformation, which can quickly cause confusion and affect public trust in financial policies.
Amid ongoing economic adjustments and a phased rollout of redesigned naira notes, the CBN has been steadfast in ensuring the stability and functionality of Nigeria’s currency system. As part of this commitment, the bank is focusing on financial education, accessibility, and stability, working alongside commercial banks to ensure consistent access to cash across all denominations.
For now, Nigerians can confidently continue using the old N200, N500, and N1,000 notes alongside the new notes without any concerns about impending deadlines. The CBN’s statement serves as a reminder of its dedication to maintaining a smooth currency transition process and supporting Nigeria’s financial ecosystem through reliable communication and policy measures.
