Tuesday, March 5, 2024
MARKET UPDATE
Advertisement

TheCable

‘Accept old, new naira notes’ — CBN notifies banks after s’court judgment

‘Accept old, new naira notes’ — CBN notifies banks after s’court judgment
November 29
15:29 2023

The Central Bank of Nigeria (CBN) has directed all banks to accept old and redesigned naira notes indefinitely.

The development is coming a few hours after the judgement of the supreme court. 

Last week, Lateef Fagbemi, attorney general of the federation, filed an application before the supreme court, seeking a deadline extension.

Following the court’s decision, the apex bank directed all banks to accept the N200, N500, and N1000 old notes alongside the redesigned versions.

Advertisement

The financial regulator in a statement signed by Ali Hakama, its director of corporate communications, also urged Nigerians to accept and handle the naira notes with respect.

“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),” the apex bank said. 

“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.

Advertisement

“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 remain legal tender, indefinitely.

“Members of the public are enjoined 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.”

Prior to the recent ruling, in March 2023, the supreme court extended the deadline to phase out old naira notes to December 31, 2023.

Advertisement

On November 14, CBN assured Nigerians that the old naira notes will remain legal tender beyond December 31, 2023 — and no longer have a deadline.

Click on the link below to join TheCable Channel on WhatsApp for your Breaking News, Business Analysis, Politics, Fact Check, Sports and Entertainment News!

Tags

0 Comments

No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment

error: Content is protected from copying.