Home News Both Old And New Notes Are Now Legal Tender – CBN Official

Both Old And New Notes Are Now Legal Tender – CBN Official


The Spokesman of the Central Bank of Nigeria (CBN), Isa Abdulmumin, has said both the old and new naira notes are now legal tender following the new directive of the Supreme Court.

Isa Abdulmumin reports that banks are now providing both old and new banknotes to customers through their Automated Teller Machines (ATMs) and over the counter. Despite the absence of an official statement from the Central Bank of Nigeria (CBN), Nigerians are now able to use and receive both the old and new notes, according to Abdulmumin who spoke with The Cable on Tuesday.

Abdulmumin also mentioned that the CBN has directed commercial banks to comply with the Supreme Court ruling, which extended the validity period of the old notes until the end of the year. The apex bank’s objective is to simplify the lives of Nigerians.

According to a CBN spokesman, banks are now accepting and paying out both old and new notes as legal tender, even though the CBN has not yet issued an official statement on the matter. The spokesman stated that the CBN’s goal is to simplify life for Nigerians, and therefore any notes given to customers by banks are acceptable.

Abdulmumin expressed concern that some traders and transporters are still rejecting the old notes, but the CBN spokesman emphasized that they should not be rejected because they remain a valid means of exchange.

It should be recalled that the controversy surrounding the CBN’s naira redesign policy led some states to take legal action against the Federal Government, seeking an extension of the validity of the old N200, N500, and N1,000 notes. The apex court issued an interim injunction on February 8, preventing the CBN from enforcing the February 10 deadline, and later ruled on February 15 that the old notes would remain legal tender while adjourning the case. In its final judgment on the matter last week, the court extended the validity of the old notes until December 31, 2023.

Also, bank customers in Abuja and Port Harcourt have also confirmed that banks are not paying both note. The however, according to them is that some people in the markets are not collecting the old notes. And the obvious reasons is that Buhari has not said anything yet. But do we need to wait for confirm to confirm the court judgment? I don’t think so .

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