Naijahood
The Central Bank of Nigeria (CBN) has recently issued a new directive to both banks and the public regarding the acceptance of old and redesigned Naira notes. The directive, communicated through a statement by Mrs. Sidi Hakama, the Acting Director of Corporate Communications, emphasizes that all Naira notes, regardless of whether they are the old or redesigned versions, maintain their status as legal tender.
This directive coincides with a recent decision by the Supreme Court to grant the federal government’s request to lift the extension deadline of December 31 for the usage of N200, N500, and N1,000 notes. In response to the Supreme Court’s ruling, the CBN has instructed all its branches to continue both issuing and accepting all denominations of Nigerian notes.
The CBN clarified that, in accordance with the Supreme Court’s order, both the old and redesigned versions of N200, N500, and N1,000 banknotes will persist as legal tender. Additionally, the CBN referenced Section 20(5) of the CBN Act 2007, affirming that all banknotes issued by the CBN will retain their legal tender status indefinitely.
The public is urged to accept all Naira banknotes, whether old or redesigned, for their day-to-day transactions. Furthermore, individuals are encouraged to handle these banknotes with utmost care to ensure the preservation and protection of the banknotes’ lifecycle.
