CBN announces directive to banks on old naira notes

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Lagos, March 14, 2023 – The Central Bank of Nigeria has finally announced its directive to commercial banks to dispense and receive old naira notes as legal tender across the country.

The official confirmation came from a statement issued on Monday night by Isa AbdulMumin, the Acting Director, CBN Corporate Communications.

The Global Business (GBN), had on Monday morning, reported that that the apex bank had issued the directive to commercial banks to dispense and receive the old notes after a meeting of the Bankers Community on Sunday evening.

The official statement of the apex bank confirmed GBN’s earlier report on the issue.

The CBN statement read: “In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterised the government of President Muhammad Buhari, and by extension, the operations of the Central Bank of Nigeria, as a regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3, 2023.

“Accordingly, the CBN met with the Bankers’ Committee and has directed that the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023.

“Consequently, all concerned are directed to conform accordingly.” (GBN)

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