The acting Director of Corporate Communications, Sidi Ali- Hakama, said in a statement on Thursday that the Supreme Court of Nigeria in a ruling of Wednesday, November 29, 2023, declared that the old series of N200, N500, and N1,000 banknotes shall continue to be legal tender alongside the redesigned versions.

The CBN’s clarification came on a day the House of Representatives urged the apex bank to increase issuance of the new N200, N500 and N1,000 denominations, and begin the phase out of old notes from circulation before the December 31, 2024 deadline for their discontinuation.

The lawmakers also called on the apex bank to direct commercial banks in the country to immediately stop cash payment to their customers with old N200, N500 and N1,000 notes and to commence a gradual mopping up of the old notes.

However, the apex bank in the statement, described such claims by the House as false, saying it was calculated to disrupt Nigeria’s payment system.

The statement read: “The attention of the Central Bank of Nigeria (CBN) has been drawn to discussions at different fora suggesting that the old series of the N200, N500, and N1,000 banknotes shall cease to be legal tender on December 31, 2024. We wish to state categorically that such claims are false and calculated to disrupt the country’s payment system.

“For the avoidance of doubt, the order of the Supreme Court of Nigeria on Wednesday, November 29, 2023, granting the prayer of the Attorney-General of the Federation and Minister of Justice to extend the use of old Naira banknotes ad infinitum, subsists.

“Similarly, the CBN’s directive to all its branches to continue to issue and accept all denominations of Nigerian banknotes, old and re-designed, to and from deposit money banks (DMBs) remains in force.”

It further noted that the Supreme Court ordered that the old series of N200, N500, and N1,000 banknotes will continue to be legal tender alongside the redesigned versions.

Accordingly, the CBN said all banknotes issued by it will continue to remain legal tender indefinitely.

“We, therefore, advise members of the public to disregard suggestions that the said series of banknotes will cease to be legal tender on December 31, 2024. We urge Nigerians to continue to accept all Naira banknotes (old or redesigned) for their day-to-day transactions and handle them with the utmost care to safeguard and protect their lifecycle.

“Furthermore, the general public is encouraged to embrace alternative modes of payment, e-channels, in order to reduce pressure on the use of physical cash emphasised that such reports are false and intended to disrupt the nation’s payment system”, the statement added.