Supreme Court Order: CBN Directs Banks To Issue, Accept Old, Redesigned Naira Banknotes

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).

This followed 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 apex bank gave the directive Wednesday, according to a statement by the Ag. Director, Corporate Communications, Sidi Ali, Hakama (Mrs.).

According to the statement, “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.

“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.”