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Olayemi Cardoso, Governor, Central Bank of Nigeria (CBN)

CBN directs banks to issue, accept old, re-designed Naira banknotes

The Central Bank of Nigeria (CBN) has directed all its branches across the country to continue to issue and accept all denominations of Nigerian banknotes, old and re-redesigned, to and from deposit money banks (DMBs).

This, according to a statement by Sidi Ali, Hakama (Mrs.), the Bank’s Ag. Director, Corporate Communications,  follows 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 apex bank said further that “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. “

The CBN, therefore, urged members of the public “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.”

It also encouraged the public “to embrace alternative modes of payment, e-channels, in order to reduce pressure on the use of physical cash.”

 

 

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