In a recent announcement, the Central Bank of Nigeria (CBN) addressed rumors that old versions of the N200, N500, and N1,000 naira notes would stop being accepted as legal tender by December 31, 2024.
The CBN assured Nigerians that these claims are false and emphasized that both old and redesigned naira notes will remain in circulation and legally valid indefinitely, following a ruling from the Supreme Court of Nigeria.
To reduce the country’s reliance on physical cash, the CBN also encouraged Nigerians to embrace digital payments as a reliable, safe, and convenient alternative.
With easy access to mobile banking apps, internet banking, and various digital wallets, Nigerians now have more options than ever to make payments without needing to carry cash. This shift towards digital payments not only helps to reduce the wear and tear on physical banknotes but also enhances security and efficiency in everyday transactions.
Why the Move Towards Digital Payments?
Digital payment channels—such as mobile banking, internet banking, and online wallets—allow people to complete transactions quickly and safely from their phones or computers. The CBN highlighted that using digital payments can help reduce the demand for cash, especially as the Nigerian economy grows and digital infrastructure continues to expand.
Here are some benefits of embracing digital payments in Nigeria:
- Convenience: With digital payments, you can pay for goods and services anytime, anywhere, without needing to handle cash.
- Reduced Risk: Carrying less cash reduces the chances of theft or loss, providing a safer option for Nigerians.
- Speed and Efficiency: Digital transactions are faster, making it easier for people and businesses to send and receive money.
- Support for Financial Inclusion: Digital payments can help bring banking services to more Nigerians, even those in remote areas, helping them access secure payment options.
CBN’s Assurance on the Old Naira Notes
In addition to promoting digital payments, the CBN reassured the public that there is no deadline for using old naira notes. Rumors of an expiry date in 2024 are false, and Nigerians can confidently continue using both old and new naira notes for daily transactions.
The Supreme Court had earlier ruled that old naira notes would remain legal tender alongside the redesigned versions, and the CBN confirmed that this ruling stands indefinitely. This means Nigerians do not need to worry about the validity of their old naira notes.
The CBN urged Nigerians to remain calm, ignore misleading rumors, and confidently use all naira notes—old and redesigned—while exploring digital payment options for added convenience and safety. As Nigeria moves towards a more digital future, these steps are expected to benefit both consumers and businesses, creating a more secure and accessible payment environment for everyone.