CBN reacts to Supreme Court Judgment on Old Naira Notes Validity

CBN has reacted to the Supreme Court Judgment on the old Naira Notes Validity in Nigeria beyond the 31st December 2023 deadline.

 

NewsOnline Nigeria reports the Central Bank of Nigeria (CBN) under the leadership of Dr. Olayemi Michael Cardoso, has issued a fresh directive to all banks and Nigerians regarding accepting old and redesigned Naira notes.

 

This Nigeria news platform understands that the apex bank issued the directive in a statement issued by its Acting Director of Corporate Communications, Mrs Sidi Hakama on Wednesday, November 29, 2023.

 

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The bank emphasized that all bank notes, including old and redesigned ones, remain legal tender.

The apex bank’s directive comes as the Supreme Court granted the prayers of the federal government led by President Bola Ahmed Tinubu to lift the December 31 extension deadline for the usage of N200, N500, and N1,000 notes on Wednesday.

 

Reacting to the ruling by the Supreme Court, NewsOnline Nigeria reports that the CBN asked all its branches to continue to issue and accept all denominations of Nigerian notes.

“To avoid doubt, the Supreme Court ordered that the old versions of N200, N500, and N1000 banknotes, alongside the redesigned versions, shall continue to be legal tender.

 

“Accordingly, in line with Section 20(5) of the CBN Act 2007, all banknotes issued by the Central Bank of Nigeria will 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 utmost care to safeguard and protect the lifecycle of the banknotes,” it said.