The Central Bank of Nigeria (CBN), has directed all banks operating in the country to issue and accept both the old and new redesigned Naira notes.
A statement signed by the Ag. Director, Corporate Communications, Sidi Ali Hakama, said the decision followed yesterday’s order of the Supreme Court granting the prayer of the Minister of Justice and Attorney-General of the Federation to extend the use of old Naira banknotes ad infintum.
Accordingly, the apex bank “directed all its branches to continue to issue and accept all denominations of Nigerian banknotes, old and redesigned, to and from deposit money banks (DMBs).”
The statement reads further: “For the avoidance of doubt, the Supreme Court ordered that the old versions of the N200, N500, and 631,000 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 redesigned) for their day-to-day transactions and handle these banknotes with the utmost care to safeguard and protect the lifecycle of the banknotes.”
“Furthermore, the general public is encouraged to embrace alternative modes of payment, such as e-channels, in order to reduce pressure on the use of physical cash.”
Members of the public are enjoined to continue to accept all Naira banknotes (old or redesigned) for their day-to-day transactions and handle these banknotes with the utmost care to safeguard and protect the lifecycle of the banknotes.