CBN gives directive to banks after Supreme Court ruling on old N200, N500, N1000 notes

The CBN ordered banks across the country to treat the old and redesigned currency as legal tender

The Central Bank of Nigeria (CBN) has given orders to banks on the issuance and acceptance of old and new notes in the country.

This is contained in a notice by the CBN signed by Sidi Ali Hakama, the bank's acting director of Corporate Communications.

Legit.ng had earlier reported that the Supreme Court legalized the use of old N200, N500, and N1,000 Notes.

The apex court ordered that the old notes remain legal tender until necessary facilities are put in place for their replacement.

Bank to continue accepting all denominations

In line with the Supreme Court's order, the CBN ordered that banks across the country treat the old and redesigned currency as legal tender.

“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."

The bank also urged members of the public to continue to accept both the old and re-designed notes for their day-to-day transactions.

It also urged that the currency be handled with the utmost care to safeguard and protect the lifecycle of the banknotes.

Legit.ng reported that the governor of the CBN, Olayemi Cardoso, revealed that over N10 trillion has been loaned to customers under various intervention schemes.

CBN data showed that between September and October 2022, the apex bank disbursed about N41.02 billion to several agricultural projects under the Anchor Borrowers' Programme (ABP).

The total disbursement under the ABP scheme amounts to N1.07 trillion to about 4.6 million smallholder farmers growing 21 commodities nationwide.