The Central Bank of Nigeria (CBN), on Wednesday directed that in line with the recent Supreme Court order, the old N200, N500, and N1,00 banknotes will continue to remain legal tender, alongside the redesigned versions.
This followed the order of the Supreme Court on Wednesday, November 29, 2023, granted the prayer of the Minister of Justice and Artoney General of the Federation to extend the use of the old Naira banknotes ad infinitum.
A statement by Hakama Sidi Ali (Mrs.), Acting Director of Corporate Communications, the CBN directed all its branches nationwide “to issue and accept all denominations of Nigerian banknotes, old and redesigned, to and from deposit money banks (DMBs).”
According to the statement, in line with Section 20(5) of its enabling Act 2007, “all banknotes issued by the Central Bank of Nigeria (CBN), will continue to remain legal tender indefinitely.”
The statement enjoined members of the public to continue accepting all Naira banknotes, whether old or new for their day-to-day transactions and handle these banknotes with the utmost care, to safeguard and protect the life cycle of the banknotes.
It further urged the general public to embrace alternative modes of payment such as the electronic channels, in order to reduce pressure on the use of physical cash.