CBN directs banks to issue old, redesigned naira notes

The Central Bank of Nigeria has directed all banks branches to issue and accept all denominations of Nigerian banknotes, old and re-designed.

The Acting Director, Corporate Communications, Ali  Hakama, disclosed conveyed the directive in a statement on Wednesday.

The directive followed the order of the Supreme Court on Wednesday, granting the prayer of the Minister of Justice and Attorney-General of the Federation to extend the use of old Naira banknotes ad infinitum.

In the judgment, the court maintained that the old and new notes should remain as legal tender beyond December 31 until the Federal Government puts a process in place for their replacement or redesign after due consultation with relevant stakeholders.

The statement partly read, “For the avoidance of doubt, the Supreme Court ordered that the old versions of N200, 500, 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, will continue to remain legal tender, indefinitely.”

The statement further enjoined members of the public, “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.”

The PUNCH reports that the apex bank has had to clear the air on the naira following a March ruling by the Supreme Court that asked the CBN to allow old N200, N500, and N1,000 notes to continue as legal tender till December 31, 2023, after the bank announced a new naira design policy and expiration dates for the denominations.

The former Governor of the Central Bank of Nigeria, Godwin Emefiele, in October 2022 disclosed a plan to redesign some naira denominations (N200, N500, and N1000 notes) and reduce currency circulation.

According to Emefiele, the currency move was to control currency in circulation as well as curb counterfeit currency and ransom payments to kidnappers and terrorists. He stated that the existing old N200, N500, and N1,000 notes would retain their legal tender status until January 31, 2023.

The apex would later extend its deadline until February 10, 2023, but the Zamfara, Kogi, and Kaduna state governments would on February 3 file a suit against the Attorney-General of the Federation on the policy.

Lagos, Ondo, Ekiti, Kano, Sokoto, Ogun, and Cross River would later join the suit as co-plaintiffs. In a ruling in March 2023, the Supreme Court invalidated the new naira design policy because it was not done with due consultation and in line with constitutional provisions.

With this new CBN directive, Nigerians can now expect to spend old N200, N500, and N1000 beyond December 2023

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