Abuja, Nov. 29, 2023 – The Central Bank of Nigeria (CBN) has directed Nigerians to comply with the Supreme Court’s ruling that the old naira notes should remain legal tender until further notice.
The Supreme Court, on Wednesday, ruled in favour of Federal Government’s application which sought extension of the life span of the old currency notes until further notice.
In enforcing the apex bank’s ruling, the central bank issued a statement on Wednesday directing banks to comply with the supreme courts’ ruling by issuing and accepting the old notes along with the new notes.
“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.” (GBN)
