The Central Bank of Nigeria (CBN) has reiterated that old ₦200, ₦500, and ₦1000 notes will cease to be legal tender after December 31, 2024.
In a statement issued on Wednesday, the apex bank emphasized that Nigerians should take note of the deadline and ensure they exchange or deposit their old notes before the cutoff date.
The old currency denominations are still in circulation alongside the redesigned naira notes.
This update serves as a reminder for Nigerians to gradually phase out the use of the old notes before the year's end.
The CBN's action is part of ongoing monetary reforms aimed at ensuring a more efficient and modern currency system in the country.
As the deadline approaches, citizens and businesses are urged to make necessary preparations to avoid any inconvenience.
The CBN will continue to provide guidance on the transition process, urging individuals to stay informed and cooperate fully to ensure a smooth shift to the new currency.