There has been speculation circulating about the Central Bank of Nigeria (CBN) retiring the old ₦1,000 notes or offering a ₦50 billion payoff. However, the CBN has categorically denied these claims, labeling them as false and intended to disrupt the payment system. The bank reassured Nigerians that old ₦200, ₦500, and ₦1,000 notes remain legal tender indefinitely, following a Supreme Court ruling that upheld the coexistence of old and new banknotes without a set deadline.
The CBN has also encouraged the public to adopt electronic payment methods to reduce reliance on cash, while ensuring that all banknotes remain valid for transactions.
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