The Central Bank of Nigeria (CBN) has directed all its branches to continue to issue and accept all denominations of Nigerian banknotes, both old and re-designed ones, to and from deposit money banks (DMBs).
The Apex Bank’s spokesperson, Sidi Ali Hakama, in a statement said the directive follows the order of the supreme court in line with the constitution of the CBN act 2007, stating all banknotes issued by the CBN, will continue to remain legal tender, indefinitely.
It appealed to Members of the public to continue to accept all Naira banknotes including old or redesigned for their day-to-day transactions and handle these banknotes with the utmost care, to safeguard and protect the lifecycle of the banknotes.
The Supreme Court earlier today ordered that the old N200, N500, N1000 notes should continue to co-exist with the new notes as legal tender until the federal government put a process in place for its replacement or redesign after due consultation with relevant stakeholders.
