Is Nigeria’s Central  Bank  Planning to Scrap Old Naira Notes?

A viral video circulating on TikTok has sparked widespread concern. The video claims that the Central Bank of Nigeria (CBN) plans to phase out old naira notes, rendering them invalid as legal tender by December 31, 2024. According to the video, Nigerians must exchange their old naira notes for new ones before the alleged deadline or risk losing their value.

This alarming claim has raised questions: Is this true?

The Investigation:

To clarify the matter, we turned to official sources, and here’s what we found:

On Friday, December 13, the Central Bank of Nigeria (CBN) issued a statement debunking the rumor. Hakama Ali, the Acting Director of Corporate Communications, reiterated that both the old and redesigned naira notes of the N1,000, N500, and N200 denominations will remain legal tender indefinitely.

The CBN’s statement referenced a Supreme Court ruling delivered on November 29, 2023, which affirmed that all versions of the affected denominations can circulate concurrently without any deadline. This judgment overrides earlier speculations of a phase-out, putting the rumor to rest.

The Facts:

1. CBN Statement: The CBN has categorically dismissed the claim of a December 31, 2024, deadline for phasing out old naira notes.
2. Supreme Court Ruling: The ruling allows the continuous use of both old and redesigned naira notes, ensuring they remain legal tender indefinitely.
3. Lack of Credible Evidence: No official announcements or credible reports have supported the viral claim.

The Verdict:

So, does the CBN plan to scrap old naira notes by December 31, 2024?
The answer is FALSE.The Central Bank of Nigeria has clarified that all versions of the N1,000, N500, and N200 naira notes will remain valid for transactions indefinitely. The Supreme Court ruling ensures that Nigerians can use either version without restrictions or deadlines.