By Badamasi Bello, Jadetimes Staff
B. Bello is a Jadetimes news reporter covering African News
The Central Bank of Nigeria (CBN) has reassured Nigerians that the old N1000, N500, and N200 notes remain legal tender, stamping out a recent wave of rumors saying otherwise.
In a statement dated December 13, 2024, the CBN said the Supreme Court ruling of November 29, 2023 enables the indefinite concurrent circulation of both old and new versions of these denominations.
"For the avoidance of doubt, all denominations of the naira, including the old and new designs of the N1000, N500 and N200, as well as the commemorative and previous designs of the N100 note, remain valid and continue to be legal tender without any deadline," the statement explained.
The CBN advised the public to ignore the assertion or claim that the old series of these banknotes would no longer be legal tender by December 31, 2024. It, therefore, urged Nigerians to continue to accept all denominations for business transactions and handle them responsibly to maintain their quality.
The bank also appealed to the public to adopt alternative modes of paying for services using electronic channels that would reduce dependence on physical cash.
The statement, signed by the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, therefore is to clear any confusion and assure members of the public of the validity of all forms of the naira.
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