- Hypes alternative payment modes, e-channels to reduce pressure on physical cash usage
BY EDMOND ODOK – The Central Bank of Nigeria (CBN) has directed all its branches nationwide to continue issuing and accepting all denominations of Nigerian banknotes, old and re-designed, to and from Deposit Money Banks (DMBs).
Additionally, the apex Bank says the general public should embrace “alternative modes of payment and e-channels to reduce pressure on the use of physical cash” in the country’s financial system.
The latest developments follow the Supreme Court’s ruling on Wednesday, November 29, 2023, granting the prayer by the Minister of Justice and Attorney-General of the Federation (AGF) that the use of old Naira banknotes be extended ad infinitum.
A statement by the CBN Acting Director of Corporate Communications, Sidi Ali, Hakama (Mrs) stated thus; “For the avoidance of doubt, the Supreme Court ordered that the old versions of N200, N500, and NI,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 (CBN), will continue to remain legal tender, indefinitely.”
The statement further urged members of the public “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 life cycle of the banknotes.”
