Following Supreme Court Order, CBN confirms indefinite Naira notes coexistence
Posted: November 29th, 2023, 6:08 pm
Following the Supreme Court order on Wednesday November 29, 2023, the CBN has directed Banks to issue, accept old, redesigned Naira banknotes. #NairaBankNotes #RedesignedNairaNotes
This was contained in a fresh CBN press release signed by the Ag. Director, Corporate Communications, Mrs Sidi Ali Hakama and released via the apex bank X's handle @cenbank.
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Central Bank of Nigeria - Press Release
CBN Directs Banks To lssue, Accept Old, Redesigned Naira Banknotes
Following the order of the Supreme Court on Wednesday, November 29, 2023, granting the prayer of the Minister of Justice and Attorney-General of the Federation to extend the use of old Naira banknotes ad infinitum, the Central Bank of Nigeria (CBN) has directed all its branches to continue to issue and accept all denominations of Nigerian banknotes, old and re-designed, to and from deposit money banks (DMBs).
For the avoidance of doubt, the Supreme Court ordered that the old versions of N200, N500 and N1,000 banknotes shall continue to be legal tender. alongside the re-designed versions. Accordingly. in line with Section 20(5) of the CBN Act 2007, all banknotes issued by the Central Bank of Nigeria (CBN). will continue to romain logal tonder, indefinitely.
Members of the public are enjolned to continue to accept all Naira banknotes (old or re-designed) for their day-to-day transactions and handle these banknotes with the utmost care to safeguard and protect the lifecycle of the banknotes.
Furthermore,the general public is encouraged to embrace alternative modes of payment, e-channels, in order to reduce pressure on the use of physical cash.
Sidi Ali, Hakama (Mrs.)
Ag. Director, Corporate Communications
November 29, 2023
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This was contained in a fresh CBN press release signed by the Ag. Director, Corporate Communications, Mrs Sidi Ali Hakama and released via the apex bank X's handle @cenbank.
Central Bank of Nigeria - Press Release
CBN Directs Banks To lssue, Accept Old, Redesigned Naira Banknotes
Following the order of the Supreme Court on Wednesday, November 29, 2023, granting the prayer of the Minister of Justice and Attorney-General of the Federation to extend the use of old Naira banknotes ad infinitum, the Central Bank of Nigeria (CBN) has directed all its branches to continue to issue and accept all denominations of Nigerian banknotes, old and re-designed, to and from deposit money banks (DMBs).
For the avoidance of doubt, the Supreme Court ordered that the old versions of N200, N500 and N1,000 banknotes shall continue to be legal tender. alongside the re-designed versions. Accordingly. in line with Section 20(5) of the CBN Act 2007, all banknotes issued by the Central Bank of Nigeria (CBN). will continue to romain logal tonder, indefinitely.
Members of the public are enjolned to continue to accept all Naira banknotes (old or re-designed) for their day-to-day transactions and handle these banknotes with the utmost care to safeguard and protect the lifecycle of the banknotes.
Furthermore,the general public is encouraged to embrace alternative modes of payment, e-channels, in order to reduce pressure on the use of physical cash.
Sidi Ali, Hakama (Mrs.)
Ag. Director, Corporate Communications
November 29, 2023
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