CBN issues New Directive to banks, Nigerians on naira notes

Abuja, Nigeria – November 30, 2023 – The Central Bank of Nigeria (CBN) has released a new directive to both banks and the general public regarding the acceptance of old and redesigned Naira notes. This directive, communicated by Mrs. Sidi Hakama, the Acting Director of Corporate Communications at CBN, reaffirms the legal status of all banknotes, irrespective of their design.

In the statement issued on Wednesday, the CBN emphasized that both old and redesigned Naira notes remain legal tender. The directive aims to provide clarity on the acceptability of all denominations of Naira notes, addressing any potential confusion.

This development follows the Supreme Court’s decision to grant the federal government’s request to lift the December 31 extension deadline for the usage of N200, N500, and N1,000 notes. The CBN, in response to the Supreme Court’s ruling, urged all its branches to continue issuing and accepting all denominations of Nigerian notes.

The statement from the CBN clarified, “To avoid doubt, the Supreme Court ordered that the old versions of N200, N500, and N1000 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.”

The CBN further enjoined members of the public to accept all Naira banknotes, whether old or redesigned, for their day-to-day transactions. It emphasized the importance of handling these banknotes with utmost care to safeguard and protect their lifecycle.

This directive is expected to ensure a smooth transition and continued acceptance of all Naira denominations in the financial ecosystem, aligning with the Supreme Court’s decision and the CBN’s commitment to maintaining the stability of the nation’s currency.