Supreme court ruling: CBN directs Banks to issue, accept old, redesigned Naira banknotes

The Central Bank of Nigeria (CBN) has affirmed the Nigeria Supreme Court’s ruling on Wednesday that the Old Naira notes will remain legal tender of the country till further notice.

The apex bank in a statement also directed banks to comply with this ruling to issue and accept old notes alongside the redesigned indefinitely.

The acting director, Corporate Communications department, CBN, Mrs Hakama Sidi Ali, who signed the statement said, “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 CBN has directed all its branches to continue to issue and accept all denominations of Nigerian banknotes, old and re-designed, to and from 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 bank also urged Nigerians to use alternative modes of payment, e-channels, in order to reduce pressure on the use of physical cash.

Ali is taking over from Dr Isa Abdulmumin, whose appointment was confirmed in June this year.