The Central Bank of Nigeria (CBN) has once again directed all banks to continue accepting and issuing both the old and redesigned Naira notes following the Supreme Court’s order on Wednesday, November 29, 2023.
News About Nigeria reports that the directive was communicated in a statement signed by Mrs Hakama Sidi-Ali, the Acting Director of the Bank, Corporate Communications, on Wednesday.
According to the statement, the Supreme Court ruled that the old versions of N200, N500, and N1,000 Banknotes will remain legal tender alongside the redesigned versions.
In compliance with the Supreme Court’s order, the Apex Bank implored the public to handle the banknotes with care to safeguard and protect their lifecycle. It also encouraged them to embrace alternative modes of payment, such as e-channels, to reduce their reliance on physical cash.
Recalling previous news, the CBN declared in October 2022 that it was redesigning the N200, N500, and N1,000 banknotes.
The then CBN Governor, Godwin Emefiele, announced January 31, 2023, as the deadline for the expiration of the old banknotes.
Emefiele explained that the decision was made due to ongoing concerns about the management of currency in circulation, especially outside the banking system.
The move made life difficult for Nigerians who had to buy the naira at outrageous amount.
However, due to the hardship caused by currency scarcity, the CBN extended the deadline to February 10, 2023, declaring that banks should continue to receive the old banknotes even after the initial deadline.
Now, five months later, Nigerians have been directed to revert to using both the old and new notes until December 31, 2023.