In 2022, Nigeria’s Central Bank, led by then-Governor Godwin Emefiele, sparked controversy by announcing plans to redesign the N200, N500, and N1000 banknotes, with the old versions set to expire by January 31, 2023. This policy led to widespread difficulties as many Nigerians faced challenges obtaining the new notes. Following his inauguration in May 2023, President Bola Tinubu relaxed the policy to ease the situation.
Recently, rumors surfaced that the Central Bank of Nigeria (CBN) issued a directive to phase out the old banknotes by December 31, 2024. This led the House of Representatives to urge the CBN to ensure the widespread availability of the new notes and to gradually withdraw the old ones. The House also called for awareness campaigns to inform the public of the proposed deadline. However, a press release from the CBN’s Corporate Communications department refuted these claims, stating that the old notes remain valid legal tender indefinitely, as upheld by the Supreme Court.
The CBN emphasized that its branches will continue to issue and accept all denominations, both old and redesigned, and urged the public to ignore false information about the notes’ expiration. They also encouraged Nigerians to adopt electronic payment methods to reduce reliance on physical cash and safeguard the lifecycle of the currency.