CBN Clarifies Status of Old and Redesigned Naira Notes and Issues Directive to Banks

The Central Bank of Nigeria (CBN) has issued a new statement to inform the public and all banks that all Naira notes, regardless of their design or age, are still valid for transactions.

The statement, signed by the Acting Director of Corporate Communications, Mrs Sidi Hakama, was released on Wednesday in response to the Supreme Court ruling that lifted the December 31 extension deadline for the usage of N200, N500, and N1,000 notes.

The CBN explained that the Supreme Court ordered that both the old and redesigned versions of these denominations shall continue to be legal tender, in accordance with Section 20(5) of the CBN Act 2007.

The bank also urged its branches to issue and accept all Naira notes, and advised the public to handle the banknotes with care to preserve their quality and lifespan.

The CBN said: “To avoid doubt, the Supreme Court ordered that the old versions of N200, N500 and N1000 banknotes, alongside the redesigned versions, shall continue to be legal tender.

“Accordingly, in line with Section 20(5) of the CBN Act 2007, all banknotes issued by the Central Bank of Nigeria will remain legal tender indefinitely.

“Members of the public are enjoined to continue to accept all Naira banknotes(Old or redesigned) for their day-to-day transactions and handle these banknotes with utmost care to safeguard and protect the lifecycle of the banknotes.”

Newsflash Nigeria is an online newspaper that is developed and written exclusively for Nigerians. It’s packed with up-to-the-minute Local and National Economy News, Share & Capital Market, Health, Sports, Education, Technology, Business and Opinions.

To make further advert enquiries or place an order, please contact us at [email protected] and +2348053316946 and WhatsApp number 08033546732