CBN reaffirms all Naira notes as legal tender following S’Court ruling

By Sodiq Adelakun

In a significant announcement on Wednesday, the Central Bank of Nigeria (CBN) has instructed all Nigerian banks and citizens to recognise both old and redesigned Naira notes as legal tender.

This directive was communicated through a statement from Mrs. Sidi Hakama, the Acting Director of Corporate Communications at the CBN.

The CBN’s declaration aligns with the recent Supreme Court decision that favoured the federal government’s request to revoke the December 31deadline for the circulation of the old N200, N500, and N1,000 banknotes.

In response to the ruling, the CBN has directed its branches across the country to continue accepting and dispensing all denominations of the Nigerian currency without restriction.

The CBN’s directive ensures that both old and redesigned notes can be used for all transactions, thereby maintaining the smooth functioning of the country’s financial system.

“To avoid doubt, the Supreme Court ordered that the old versions of N200, N500 and N1,000 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,” it said.