CBN directs banks to issue, accept old, redesigned Naira banknotes

The Central Bank of Nigeria (CBN) has instructed banks to give out and take in both old and new Naira notes that have been redesigned.

The Ag. Director of Corporate Communications said in a statement that this was because of the Supreme Court’s decision on Wednesday, November 29, to grant the request of the Minister of Justice and Attorney-General of the Federation to allow the old Naira banknotes to be used forever. The CBN has told all its branches to keep giving out and taking in all kinds of Nigerian banknotes, old and new, from and to deposit money banks (DMBs).

The statement also clarified that the Supreme Court said that the old versions of the N200, N500, and 631,000 banknotes would still be valid money, along with the new versions.

The statement added that according to Section 20(5) of the CBN Act 2007, all banknotes that the CBN has issued will always be valid money.

The statement urged the public to keep using all Naira banknotes (old or new) for their daily transactions and to treat these banknotes with care to preserve and protect their quality.

The statement also encouraged the public to use other ways of paying, such as online channels, to reduce the need for physical cash.