Supreme Court: CBN Orders Banks to Issue, Accept Old, New Naira Notes

Supreme Court: CBN Orders Banks to Issue, Accept Old, New Naira Notes

The Central Bank of Nigeria (CBN) has declared that old and new naira notes will continue to co-exist as legal tender until further notice.

The apex bank issued this declaration in line with the Supreme Court ruling on Wednesday morning.

The CBN in a statement issued by Acting Director, Corporate Communications, Hakama Sidi Ali (Mrs.), directed all its branches to continue to issue and accept all denominations of Nigerian banknotes, old and
re-designed, to and from Deposit Money Banks (DMBs).

“For the avoidance of doubt, the Supreme Court ordered that the old versions of N200, N500
and N1,000 banknotes shall continue to be legal tender, alongside the re-designed versions.

“Accordingly, in line with Section 20(5) of the CBN Act 2007, all banknotes issued by the
Central Bank of Nigeria (CBN), will continue to remain legal tender, indefinitely.

“Members of the public are enjoined to continue to accept all Naira banknotes (old or re-
designed) for their day-to-day transactions and handle these banknotes with the utmost care.
to safeguard and protect the lifecycle of the banknotes” the statement read in part.

The bank urged the public to embrace alternative modes of payment like e-
channels, in order to reduce pressure on the use of physical cash.

By PRNigeria