CBN Announces Old Naira Notes Will Remain Legal Tender Beyond 2024
By Usman A Harande
In a surprise move, the Central Bank of Nigeria (CBN) has revealed that old N1000, N500, N200, and N100 notes will continue to be accepted as legal tender beyond 2024. This decision comes after the introduction of new naira notes in November 2022, which sparked controversy and uncertainty among Nigerians.
The CBN’s clarification is expected to bring relief to millions of Nigerians who were worried about the deadline for phasing out the old notes. The bank has assured the public that the old notes will continue to be accepted alongside the new ones, ensuring a smooth transition.
monitor the situation and make necessary adjustments to ensure a seamless transition.
The CBN’s decision is seen as a response to concerns raised by various stakeholders, including businesses, traders, and individuals, who had expressed difficulties in accessing the new notes. By allowing the old notes to remain legal tender, the CBN aims to minimize disruptions to economic activities and ensure that the general public is not unduly affected.
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