The Central Bank of Nigeria, CBN, has directed banks to issue and accept old and new redesigned Naira notes.
In a statement issued to this effect, Ag. Director, Corporate Communications, said: “Following the order of the Supreme Court on Wednesday, November 29, granting the prayer of the Minister of Justice and Attomey-General of the Federation to extend the use of old Naira banknotes ad infintum, the Central Bank of Nigeria (CBN) has 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).
Grow your business with us
“For the avoidance of doubt, the Supreme Court ordered that the old versions of the N200, N500, and 631,000 banknotes 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.”