The Central Bank of Nigeria has reiterated that the old N1000, N500, and N200 denominations remain valid and legal tender nationwide. The spokesperson of the apex bank, Hakama Sidi Ali, disclosed this in a statement on Friday.
CBN 's comments come as cash scarcity worsened nationwide despite the apex banks' directive to Nigerian banks to ensure the availability of cash in Automated Teller Machines. Reacting, CBN clarified that all its banknotes are valid, contrary to the claims making the rounds. ' CBN has observed the misinformation regarding the validity of the old N1000, N500, and A200 banknotes currently in circulation.
reports cash scarcity has worsened in the past weeks despite CBN's directive to mitigate the challenges. In October 2024, CBN clarified that there is no deadline to the use of the old banknotes. During the administration of ex-CBN governor, Godwin Emefiele's Naira redesign policy, the Supreme Court had ruled that the old Naira notes can co-exist with the new notes.
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