Continue to issue, accept all banknotes, CBN mandates DMBs

The Central Bank of Nigeria (CBN) has directed all its branches to continue to issue and accept all denominations of both old and redesigned Naira notes to and from Deposit Money Banks (DMBs).

The Acting Director of the bank, Corporate Communications, Mrs Hakama Sidi-Ali, said this in a statement on Wednesday in Abuja.

According to Sidi-Ali, the fresh directive is occasioned by Wednesday’s order of the Supreme Court granting the wish of the Federal Government to extend the use of old Naira notes indefinitely.

The apex court ordered that the old versions of N200, N500 and N1,000 shall continue to be legal tender longside the redesigned versions.

Accordingly, in line with Section 20 (5) of the CBN Act 200, all banknotes issued by the CBN will continue to remain legal tender indefinitely.

“Members of the public are enjoined to continue to accept all Naira notes, old or redesigned for their day-to-day transactions,’’ she said.

She urged members of the public to handle the banknotes with utmost care to safeguard and protect their lifecycle.

She also encouraged Nigerians to embrace alternative modes of payment to reduce the pressure on physical cash.