The Central Bank of Nigeria (CBN) has ordered Deposit Money Banks (DMBs) in Nigeria to comply with the Supreme Court’s ruling on Wednesday that the old naira notes will remain legal tender of the country till further notice.
The apex bank made this known in a statement on Wednesday shortly after the Supreme Court’s ruling while noting that the old notes will co-exist alongside the redesigned notes indefinitely.
“Following the order of the Supreme Court on Wednesday, November 29, 2023, granting the prayer of the Minister of Justice and Attorney-General of the Federation to extend the use of old Naira banknotes ad infinitum, the Central Bank of Nigeria (CBN) has 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 signed by the acting director, Corporate Communications, Mrs Hakama Sidi Ali on Wednesday reads.
The bank also urged Nigerians to use alternative modes of payment, e-channels, in order to reduce pressure on the use of physical cash.
By Babajide Okeowo