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CBN Validates Supreme Court Decision, Instructs Nigerian Banks to Adhere


CBN Validates Supreme Court Decision, Instructs Nigerian Banks to Adhere

The Central Bank of Nigeria (CBN) has confirmed the Supreme Court’s ruling on Wednesday, affirming that old Naira notes will remain legal tender until further notice. In an official statement issued on Wednesday, the apex bank instructed banks to adhere to this ruling, directing them to issue and accept both old and redesigned notes indefinitely. The statement conveyed:

“In compliance with the Supreme Court’s order on Wednesday, November 29, 2023, granting the Minister of Justice and Attorney-General of the Federation’s request to extend the use of old Naira banknotes ad infinitum, the Central Bank of Nigeria (CBN) has instructed all its branches to continue issuing and accepting all denominations of Nigerian banknotes, whether old or re-designed, to and from deposit money banks (DMBs).

“To clarify, the Supreme Court decreed that the old versions of N200, N500, and N1,000 banknotes will retain their legal tender status alongside the re-designed versions. Consistent with Section 20(5) of the CBN Act 2007, all banknotes issued by the CBN will continue to be legal tender indefinitely.

“The public is encouraged to accept all Naira banknotes, whether old or re-designed, for their day-to-day transactions and handle these banknotes with utmost care to preserve and protect their lifecycle.”

The CBN also advocated for the use of alternative payment methods and electronic channels, aiming to alleviate the reliance on physical cash and reduce the pressure on the use of traditional currency.


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