Misinformation has become a significant challenge in the digital age, often creating confusion and unnecessary panic among the public.....Click Here To Read Full Article >>
Recently, rumors spread regarding the validity of the old N1000, N500, and N200 banknotes in Nigeria, causing uncertainty among citizens. The Central Bank of Nigeria (CBN), stepping in to address the issue, has reiterated that these banknotes remain valid legal tender.
This clarification aims to restore confidence in the nation’ s currency system and ensure seamless financial transactions. The CBN, in a statement released by its acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, reaffirmed its earlier position that both the old and redesigned versions of the N1000, N500, and N200 denominations would continue to circulate concurrently.
The reassurance aligns with a Supreme Court ruling from November 29, 2023, which declared that all versions of these denominations should remain in use indefinitely. This ruling underscores the legal standing of these banknotes, dispelling any claims to the contrary.
” To avoid any doubt, ” Mrs. Sidi Ali stated, ” all versions of the naira, including the old and new designs of N1000, N500, and N200 denominations, as well as the commemorative and previous designs of the 100 denomination, remain valid and continue to be legal tender without any deadline. ” This statement directly countered rumors suggesting that the old series of these notes would expire by December 31, 2024, labeling such claims as baseless and unfounded.
The CBN further called on Nigerians to accept all denominations of the naira for daily transactions, urging them to disregard false information. Additionally, the bank emphasized the importance of handling currency notes with care to preserve their quality and usability, ensuring their longevity in circulation.
Beyond addressing concerns over physical cash, the CBN used the opportunity to encourage the adoption of electronic payment systems. By promoting alternative payment channels, such as e- banking and digital wallets, the bank aims to reduce the over- reliance on cash transactions. This approach is part of a broader effort to modernize Nigeria’ s financial ecosystem and align with global trends.
The CBN’ s proactive response highlights its commitment to maintaining public trust and financial stability in Nigeria. By dispelling misinformation and promoting financial inclusivity, the central bank reaffirms its role as a reliable institution in safeguarding the nation’ s economic integrity. Citizens are encouraged to remain informed and continue using both old and redesigned naira notes confidently, knowing they remain legal and fully accepted for all forms of payment.
Be the first to comment