Connect with us


Old Naira Notes And New Naira Notes Now Legal Tender -CBN



The Central Bank Of Nigeria CBN has said that both the old naira notes and the redesigned notes are now a legal tender in the the country.

This is in compliance with the ruling of the Supreme court of Nigeria on Wednesday 3rd March 2023 where it nullified the naira redesign policy of the CBN and directed the central bank to recirculate the old N200, N500, N1000 notes till 31st December 2023.

This was confirmed by the spokesman of the Central Bank of Nigeria (CBN), Isa Abdulmumin,on Tuesday when he spoke to newsmen in Abuja.

Read More:Supreme Court Suspends Naira Swap Policy, To December 31st 2023.

According to Abdulmumin, banks have begun to issue both old and new notes to customers at their various Automated Teller Machines (ATMs) terminals and over the counter.

Abdulmumin further said that though the Central Bank is yet to issue an official statement on the matter, Nigerians can now spend and collect both the old and new notes.

He added that the apex bank just wants to make life easy for Nigerians and has directed commercial banks to obey the supreme court ruling which extended the validity period of the old notes to the end of the year.

His Words “Banks are paying old notes as well as new notes. They are all legal tender.

“Yes, the CBN has not issued an official statement on the issue. Anyone banks give to you, you can collect. We just want to make life easy for Nigerians.”

He however, expressed concern about the continued rejection of the old notes by some traders and transporters.

The CBN spokesman said the old notes should not be rejected as they are still a valid means of exchange.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Weekday Trends