CBN directs branches to continue issuing, accepting old, redesigned naira notes

old naira notes

The Central Bank of Nigeria (CBN) has directed its branches nationwide to continue issuing and accepting all denominations of the Nigerian banknotes.

The apex bank issued the directive on Wednesday in a statement by its acting director of corporate communications, Sidi Hakama.

This comes after the Supreme Court on Wednesday granted the prayers of the Federal Government to lift the December 31, 2023 deadline for the usage of the old N200, N500, and N1,000 notes.

The bank emphasised that all banknotes, including old and redesigned ones, remain legal tender.

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“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,” the statement said.