Central Bank of Nigeria Extends Acceptance of Old and Redesigned Naira Notes Indefinitely

The Central Bank of Nigeria (CBN) has issued a directive to all its branches, instructing them to continue issuing and accepting all denominations of both old and redesigned Naira notes to and from Deposit Money Banks (DMBs).

This decision comes in response to the recent order from the Supreme Court, granting the Federal Government’s request to extend the use of old Naira notes indefinitely.

The Acting Director of Corporate Communications at the CBN, Hakama Sidi-Ali, conveyed this information in a statement released on Wednesday in Abuja.

The Supreme Court’s ruling specified that the old versions of N200, N500, and N1,000 notes shall remain legal tender alongside their redesigned counterparts.

Citing Section 20 (5) of the CBN Act 200, which stipulates that all banknotes issued by the CBN will continue to remain legal tender indefinitely, Sidi-Ali emphasized that members of the public are urged to accept both old and redesigned Naira notes for their day-to-day transactions.

In light of this directive, the CBN encourages the public to handle banknotes with utmost care, ensuring the safeguarding and protection of their lifecycle.

Additionally, the statement advocates for embracing alternative modes of payment to alleviate the reliance on physical cash, contributing to a more efficient and secure financial ecosystem.

This development provides clarity for businesses and individuals regarding the acceptance and circulation of both old and redesigned Naira notes.

It offers a practical solution while aligning with the Supreme Court’s decision to extend the legal tender status of the older versions.

Source: Daily Nigerian