All naira denominations, including the commemorative and earlier designs of the ₦100 denomination, as well as the new and old designs of the ₦1000, ₦500, and ₦200 denominations, are still legal money and have no expiration date, according to the Central Bank of Nigeria (CBN).
“The reiteration is to address misinformation regarding the validity of the old ₦1000, ₦500, and ₦200 banknotes currently in circulation,” the CBN stated in a statement signed by Mrs. Sidi Ali Hakama, its Acting Director, Corporate Communications.
The public was warned by the apex bank to ignore any assertions that the previous series of the aforementioned banknotes will no longer be accepted as legal money on December 31, 2024.
According to the statement, the Central Bank of Nigeria (CBN) has noticed false information concerning the legitimacy of the old ₦1000, ₦500, and ₦200 banknotes that are still in use.
In accordance with the Bank’s earlier explanations and to provide additional reassurance, the CBN would like to restate that the Supreme Court’s November 29, 2023, order allows for the simultaneous circulation of all Naira denominations indefinitely: the ₦1000, ₦500, and ₦200.
For the avoidance of dispute, all naira denominations—including the commemorative and earlier designs of the N100 denomination, as well as the new and old designs of the N1000, N500, and N200 denominations—remain valid and legal currency without regard to time.
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Therefore, we caution the public from believing that the former series of the aforementioned banknotes will no longer be accepted as legal money on December 31, 2024. For their everyday transactions, Nigerians are urged to accept all Naira banknotes—old and redesigned—and to treat them carefully to prolong their useful life.
In order to lessen the demand for real cash, the general population is also urged to adopt alternate payment methods like e-channels.
