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).

The directive came following 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.

In a statement signed by the Acting Director, Corporate Communications, Mrs. Sidi Ali Hakama said that the Supreme Court ordered that the old versions of N200, N500, and NI,000 banknotes shall continue to be legal tender, alongside the re-designed versions.

It further urged members of the public to continue to accept all Naira banknotes (old or redesigned) for their day-to-day transactions and handle these banknotes with the utmost care, to safeguard and protect the life cycle of the banknotes.

It also encouraged the general public to embrace alternative modes of payment, e-channels, in order to reduce pressure on the use of physical cash.

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