The Central Bank of Nigeria (CBN) has instructed all its branches to persist in issuing and accepting all denominations of both old and redesigned Naira notes to and from Deposit Money Banks (DMBs).
The directive comes in response to the Supreme Court’s recent order granting the federal government’s request to extend the use of old Naira notes indefinitely.
The apex court’s decision mandates that the old versions of N200, N500, and N1,000 shall continue to be legal tender alongside the redesigned versions. This directive aligns with Section 20 (5) of the CBN Act 200, which stipulates that all banknotes issued by the CBN will remain legal tender indefinitely.
Acting director of the CBN’s corporate communications, Mrs. Hakama Sidi-Ali, urged the public to continue accepting all naira notes, whether old or redesigned, for their day-to-day transactions. She emphasized the importance of handling banknotes with care to safeguard and protect their lifecycle.
Additionally, Sidi-Ali encouraged Nigerians to embrace alternative modes of payment to alleviate the pressure on physical cash.
