The Central Bank of Nigeria (CBN) has set a definitive deadline of December 31, 2024, for the old N200, N500, and N1000 notes to no longer be legal tender. This decision marks the final phase of the naira redesign policy, aimed at phasing out the older currency notes from circulation and promoting the use of redesigned notes introduced in late 2022.
According to the CBN, all transactions involving these denominations must switch to the redesigned notes before the cutoff date. After December 31, 2024, the old notes will not be accepted for any financial dealings. This announcement comes as part of ongoing efforts to improve Nigeria’s monetary policy and address cash hoarding issues witnessed during the initial phases of the naira redesign policy.
CBN officials urge citizens to deposit old notes in their bank accounts or exchange them for new ones before the deadline. This measure is intended to avoid the economic disruptions experienced in early 2023 during the transition process.
