CBN Directs Continued Acceptance of Old, Redesigned Naira Banknotes

The Central Bank of Nigeria (CBN) has issued a directive to its branches and deposit money banks (DMBs), mandating the continued acceptance and issuance of all denominations of Nigerian banknotes, including both old and re-designed versions.

This move follows a recent Supreme Court order granting the prayer of the Minister of Justice and Attorney-General of the Federation to extend the use of old Naira banknotes indefinitely. The Supreme Court specifically ruled that the old versions of N200, N500, and N1,000 banknotes should retain their status as legal tender alongside the re-designed versions.

Sidi Ali Hakama, the acting head of the Central Bank of Nigeria’s corporate communications department, stated that all banknotes issued by the Central Bank of Nigeria will remain legal currency indefinitely.

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Hakama said in a statement released on Wednesday, “Members of the public are enjoined to continue to accept all Naira banknotes (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.”

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In addition to the guideline, the CBN urged the general public to use alternate payment methods such as electronic channels to reduce the reliance on physical currency. Encouragement of electronic payment modalities is consistent with the Central Bank of Nigeria’s ongoing efforts to build a more smooth and efficient payment environment in the country.

This instruction represents the CBN’s commitment to ensuring the continuing acceptance and circulation of previous banknote versions, as well as providing clarification to the public and financial institutions about the legal status of various Naira denominations.

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