The Central Bank of Nigeria (CBN) has officially confirmed and endorsed the Supreme Court’s ruling on Wednesday, stating that the old Naira notes will continue to be legal tender in the country until further notice.
In response, the apex bank has directed all financial institutions to adhere to this decision, allowing the circulation of both old and redesigned banknotes indefinitely.
In a statement released on Wednesday, the CBN clarified its position: “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 CBN emphasized the need for the public to embrace alternative payment methods, such as electronic channels, to reduce the reliance on physical cash.
