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Continue issuing and accepting old Naira notes — Nigerian Central Bank to Banks after court order

Business & Finance File photo of Naira
NOV 29, 2023 LISTEN
File photo of Naira

The Central Bank of Nigeria has directed commercial banks to continue issuing and accepting both old and redesigned Naira notes following an order by the Supreme Court.

In a statement issued on Wednesday, November 29, the CBN said it received communication from the Supreme Court granting the request of the Attorney General of the Federation for the continued use of old Naira notes.

The apex court ordered that the "old versions of N200, N500 and N1,000 banknotes shall continue to be legal tender, alongside the re-designed versions."

In compliance with the order, the Acting Director of Corporate Communications at the CBN, Sidi Ali Hakama, said "...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."

She further advised members of the public 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 CBN also encouraged citizens to embrace electronic payment platforms "in order to reduce pressure on the use of physical cash."

The court order and the new directive add up to the numerous ones earlier issued by Nigeria’s Central Bank to banks to maintain the old unit indefinitely.

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Isaac Donkor Distinguished
Isaac Donkor Distinguished

News ReporterPage: IsaacDonkorDistinguished

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