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No More December: CBN Sends Important Message to Nigerians on Expiration Date for Old Naira Notes

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The CBN has provided clarification on the expiration date for the old 200, 500 and 1,000 naira notes

The Supreme Court in March announced that old naira notes remain a legal tender in Nigeria until December 31, 2023,

It is two months to the deadline, and rumours of cash scarcity have resurfaced despite high money supply

The Central Bank of Nigeria (CBN) has clarified that the old 200, 500, and 1000 naira notes will continue to be legal tender even after December 31, 2023.

A senior official who spoke anonymously assured Nigerians that both old and new banknotes would still be considered legal tender.

CBN speaks on old naira notes

In response to concerns expressed by Nigerians just two months before the deadline and reports of scarcity in two states already, the CBN official advised Nigerians not to worry or panic.

He said:

“They are all legal tender. Nigerians should continue to spend them. There is no need to worry about the December 31 deadline.”

The CBN official emphasised that the phasing out of the old notes would be a gradual process to avoid causing additional hardships for the people, BusinessDay reports.

“We won’t want Nigerians to undergo similar pain as they experienced earlier this year. The phasing out of the old notes will be gradual. It won’t be rushed.”

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