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Business News of Wednesday, 8 March 2023


CBN orders banks to collect old N500, N1,000 notes

Old naira notes Old naira notes

The Central Bank of Nigeria (CBN) has ordered commercial banks to collect old N500 and N1,000 notes from customers.

It said the old notes are legal tender following the directive of the Supreme Court.

CBN’s spokesman Isa Abdulmumin said banks have begun to issue the old and new notes to customers at their various Automated Teller Machines (ATMs) terminals and over the counter.

He said though the CBN was yet to issue an official statement on the matter, Nigerians can spend and collect old and new notes in line with the apex Court’s ruling.

The spokesman, who spoke with The Cable: “Banks are paying old notes as well as new notes. They are all legal tender.

“Yes, the CBN has not issued an official statement on the issue. Anyone banks give to you, you can collect. We just want to make life easy for Nigerians.”

Abdulmumin was concerned over continued rejection of the old notes by some traders and transporters.

The CBN spokesman said the old notes should not be rejected as they are still a valid means of exchange.

He added: “No. They can’t reject it. It’s all legal tender.”