CBN instructs banks to accept both old and redesigned naira notes

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CBN instructs banks to accept both old and redesigned naira notes
CBN instructs banks to accept both old and redesigned naira notes

Following a recent Supreme Court judgment, the Central Bank of Nigeria (CBN) has issued a directive instructing all banks to accept both old and redesigned naira notes without any time limit.

This decision comes after Lateef Fagbemi, the Attorney General of the Federation, sought an extension for the deadline through an application filed last week.

In response to the Supreme Court’s ruling, the CBN has directed all banks to accept the old N200, N500, and N1000 notes alongside their redesigned counterparts.

The apex bank emphasized that both versions of these denominations remain legal tender, as per the Supreme Court order.

A statement released by the CBN’s Director of Corporate Communications, Ali Hakama, reinforced the indefinite acceptance of all banknotes by CBN branches.

The statement also urged Nigerians to treat naira notes with respect and handle them carefully to preserve their lifecycle.

The CBN highlighted that, in accordance with section 20(5) of the CBN Act 2007, all banknotes issued by the CBN will continue to be recognized as legal tender indefinitely.

Additionally, the public is encouraged to adopt alternative payment methods, such as electronic channels, to alleviate the reliance on physical cash and reduce the pressure on its usage.