Old naira notes: CBN affirms Supreme Court’s ruling, directs banks in Nigeria to comply

The Central Bank of Nigeria (CBN) has affirmed the Nigeria Supreme Court’s ruling on Wednesday that the Old Naira notes will remain legal tender of the country till further notice.

The apex bank in a statement on Wednesday also directed banks to comply with this ruling to issue and accept old notes alongside the redesigned indefinitely.

What the statement said

The statement read: “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.”

The bank also urged Nigerians to use alternative modes of payment, e-channels, in order to reduce pressure on the use of physical cash.

CBN gets new corporate communications director

Nairametrics observed that the Corporate Communications department of the CBN now has an acting director, Mrs Hakama Sidi Ali, who signed the statement issued on Wednesday.

She took over from Dr Isa Abdulmumin, whose appointment was confirmed in June this year.

In February 2023, the CBN appointed Abdulmumin as its acting Director of Corporate Communications after Osita Nwanisobi, a former director of Corporate Communications, retired.