Nigeria’s Old Naira Notes Will Remain Legal Tender
The Central Bank of Nigeria (CBN) recently clarified that the old Naira notes will remain legal tender indefinitely, putting to rest rumors of a December 2024 deadline for phasing them out.
This announcement aims to address concerns among the public regarding the availability and acceptance of the old notes amid economic challenges and the lingering effects of the recent currency redesign policy.
The CBN’s decision ensures that both old and redesigned notes can coexist, facilitating smoother financial transactions and reducing strain on individuals and businesses that rely heavily on cash-based transactions.
This move is expected to promote stability and confidence in the nation’s financial system, particularly among those in rural or underserved areas who may have limited access to the redesigned notes.