The House of Representatives has urged the Central Bank of Nigeria (CBN) to release more new N200, N500, and N1,000 notes and start removing the old ones before the deadline of December 31, 2024. They also asked CBN to tell banks to stop paying customers with the old notes and focus on gradually taking them out of circulation.
However, the CBN has responded, saying there’s no plan to stop using the old banknotes. In a statement issued on Thursday night, the CBN clarified that claims about the old N200, N500, and N1,000 notes no longer being legal tender by December 31 are false.
The CBN emphasized that the Supreme Court’s decision allowing the continued use of the old banknotes alongside the new ones is still in effect. The central bank assured the public that all notes issued by the CBN will remain legal tender indefinitely.
