BREAKING: Old N200, N500, N1000 Notes to Lose Legal Tender Status by December 31

By Samaila Emmanuel Bzugu

In a significant move to enhance currency management and combat inflation, the Central Bank of Nigeria (CBN) has announced that the old N200, N500, and N1000 banknotes will cease to be legal tender after December 31, 2024.

This decision, aimed at promoting financial inclusion and reducing currency circulation, follows the successful redesign and reissue of the new naira notes earlier this year.

Nigerians are urged to visit their banks or designated exchange centers to swap old notes for new ones before the December 31 deadline

The CBN has advised Nigerians to exchange their old notes for new ones before the deadline. CBN Governor emphasized the need for a more efficient and secure currency system, stating, “This move will strengthen our economy and reduce illicit financial activities.”

Nigerians are urged to visit their banks or designated exchange centers to swap old notes for new ones before the December 31 deadline.