In a recent statement by the Acting Director of Corporate Communications, Mrs Sidi Hakama, the Central Bank of Nigeria (CBN) issued a fresh directive to both banks and the general public concerning the acceptance of old and redesigned Naira notes.
The directive, released on Wednesday, emphasized that all banknotes, including both old and redesigned versions, remain legal tender. This move comes in the wake of a Supreme Court decision that granted the federal government’s request to lift the December 31 extension deadline for the usage of N200, N500, and N1,000 notes.
In response to the Supreme Court’s ruling, the CBN has instructed all its branches to continue issuing and accepting all denominations of Nigerian notes. The statement clarified that, as per the Supreme Court order, both the old versions and redesigned versions of N200, N500, and N1,000 banknotes will continue to be recognized as legal tender.
Reiterating the position, the CBN highlighted Section 20(5) of the CBN Act 2007, stating that all banknotes issued by the Central Bank of Nigeria will remain legal tender indefinitely. The public is urged to accept all Naira banknotes, whether old or redesigned, for day-to-day transactions. Additionally, individuals are advised to handle these banknotes with utmost care to ensure the preservation and protection of their lifecycle.