The Central Bank of Nigeria (CBN) has made it clear that there’s no deadline for the circulation of old Naira notes. This announcement comes after the House of Representatives cautioned against setting a specific date to stop using the old notes ¹. Essentially, the CBN is saying that the old N200, N500, and N1,000 banknotes will continue to be legal tender without any expiration date.
Ekwutosblog gathered that It’s worth noting that this decision was made to counter rumors suggesting that the old notes would cease to be valid by December 31, 2024. The CBN wants to reassure Nigerians that they can continue using the existing currency without worrying about it becoming obsolete.
This move provides relief to individuals and businesses still holding onto the old notes, allowing them to use them freely without any pressure or time constraints.
