WorldStage Newsonline– The Central Bank of Nigeria (CBN) on Wednesday 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).
The directive is coming as the Supreme Court on Wednesday, November 29, 2023, granted the prayer of the Minister of Justice and Attoney-General of the federation to extend the use of old naira banknotes ad infinitum,
A statement by Mrs Sidi Ali Hakama, Acting Director, Corporate Communications, CBN said, “For the avoidance of doubt, the Supreme Court ordered that the old versions of N200, N500 and N1,00 banknotes shall continue to be legal tender, alongside the redesigned versions.
“Accordingly, in line with Section 20(5) of the CBN Act 2007, all banknotes issued by the CBN will continue to remain legal tender, indefinitely
“Members of the public are enjoined to continue to accept all naira banknotes for their day to day transactions and handle these banknotes with the utmost care, to safeguard and protect the lifecycle of the banknotes.
“Furthermore, the general public is encouraged to embrace alternative modes of payment, e-channels, in order to reduce pressure on the use of physical cash.”
