The Central Bank of Nigeria (CBN) has refuted reports claiming that old series N200, N500, and N1,000 banknotes will be withdrawn as legal tender by December 31, 2024.

In a statement issued on Thursday by Acting Director of Corporate Communications, Sidi Hakama, the CBN clarified that the Supreme Court’s ruling on November 29, 2023, to allow the continued use of old Naira banknotes remains in effect without a specified end date.

“The attention of the Central Bank of Nigeria (CBN) has been drawn to discussions suggesting that the old series of the N200, N500, and N1,000 banknotes will cease to be legal tender on December 31, 2024. We categorically state that such claims are false and intended to disrupt the nation’s payment system,” the CBN said.

The CBN reiterated that the Supreme Court’s ruling, which extended the use of old Naira banknotes indefinitely following the request of the Attorney-General of the Federation and Minister of Justice, remains valid.

In addition, the CBN reaffirmed its directive to all branches to continue accepting and issuing all denominations of Naira banknotes, whether old or redesigned, for transactions with deposit money banks.

The CBN advised Nigerians to disregard any suggestions that the banknotes will cease to be legal tender by the end of 2024. “We encourage the public to continue accepting all Naira notes, old and new, in daily transactions and to handle them carefully to preserve their lifespan,” the statement continued.

Furthermore, the CBN urged the public to embrace digital payment options to alleviate reliance on cash, reiterating that the reports suggesting an expiration date are baseless and disruptive.