The Central Bank of Nigeria (CBN) said on Thursday it has not fixed any deadline for the withdrawal of the old N200, N500, and N1,000 banknotes from circulation.
The Acting Director, Corporate Communications Department of the CBN, Hakama Sidi-Ali, made the clarification in a statement on Thursday in Abuja.
Sidi-Ali was reacting to reports on social media that the apex bank had fixed December 31 as the deadline for the phase-out of the old notes.
She said a Supreme Court verdict extending the validity of the old banknotes indefinitely still subsists.
The CBN spokespersons dismissed claims that the old N200, N500, and N1,000 banknotes would cease to be legal tender on December 31.
She said: “We wish to state categorically that such claims are false and calculated to disrupt the country’s payment system.
“The order of the Supreme Court granting the prayer of the Attorney-General of the Federation and Minister of Justice to extend the use of old banknotes ad infinitum subsists.
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“Similarly, the CBN’s directive to all its branches to continue to issue and accept all denominations of Nigerian banknotes from deposit money banks (DMBs) remains in force.”
Sidi-Ali advised Nigerians to disregard suggestions that the old banknotes would cease to be legal tender at the end of the year.
“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[1]channels, to reduce pressure on the use of physical cash,” she added.
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