The Central Bank of Nigeria (CBN) has officially reiterated the validity of the old series of the N1000, N500, and N200 denominations as legal tender across the country. In a public announcement via its verified handle on X (formerly Twitter), the apex bank sought to clarify any lingering doubts regarding the currency’s acceptability.
The press release underlined that the old naira notes remain valid for all forms of transactions and urged Nigerians to continue using them without hesitation. The CBN also reaffirmed its commitment to ensuring smooth monetary policy implementation and effective communication with the public.
This latest development follows months of public confusion and concern over the status of the old naira series, which gained national attention during the controversial currency redesign initiative earlier in the year. The policy had faced widespread criticism, causing disruptions in cash flow and economic activities.
Analysts suggest that the CBN’s move to reassure the public about the old naira notes’ validity is aimed at restoring confidence in the financial system and addressing any mistrust stemming from the currency redesign saga. The bank emphasized its role in ensuring financial stability while urging citizens to disregard misleading information that might suggest otherwise.
Observers have applauded the CBN for this timely clarification, which they believe will ease ongoing concerns, especially for rural and unbanked communities that heavily rely on cash transactions.
The apex bank concluded its statement by encouraging all Nigerians to report instances of refusal to accept the old denominations, as such actions contravene the CBN Act.
With this latest assurance, the CBN aims to create an environment of certainty and stability as it continues to navigate the complexities of monetary policy in Africa’s largest economy.
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