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CBN Directs Banks To Issue, Accept Old, Redesigned Banknotes

The Central Bank of Nigeria (CBN) on Wednesday directed all banks across the country to continue to issue and accept both the old and redesigned Naira notes, declaring that both monies remain legal tender in Nigeria.

A statement signed by the Acting Director, of Corporate Communications, Sidi Ali, Hakama, noted that the directive followed an order of the Supreme Court, which on Wednesday, November 29, 2023, granted the prayer of the Minister of Justice and Attorney-General of the Federation to extend the use of old Naira banknotes ad infinitum.

The apex court, in a ruling by a seven-man panel led by Justice Inyang Okoro,  said the banknotes should remain in circulation, pending when the Federal Government, after due consultation with relevant stakeholders, takes a decision on the matter.

The statement reads in parts: “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 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, channels, in order to reduce pressure on the use of physical cash”.

DIPLOMATIC DIARY

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