The Central Bank of Nigeria (CBN) has dispelled rumors of a December 31, 2024 deadline for the circulation of old Naira notes.
Key Points:
- No deadline for old N200, N500, and N1,000 banknotes
- Supreme Court’s November 29, 2023 order extends use of old banknotes indefinitely
- CBN instructs branches to accept and issue old and redesigned denominations
- Digital payment methods encouraged to reduce cash dependency
CBN Statement:
“The order of the Supreme Court… remains in force,” said Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications.
Context:
- Rumors sparked confusion in Nigeria’s payment system
- CBN seeks to promote financial inclusion and modernize payment systems
Source: Vanguard News
