Don’t Reject Old Naira Notes – CBN Warns Nigerians
- Says all notes remain legal tender until further notice
BY EDMOND ODOK – Amid speculations and mounting fears that the old Naira notes may cease to be legal tender by December 2023, the Central Bank of Nigeria (CBN) has warned Nigerians against rejecting any of the existing banknotes in the country.
A statement by its Director of Corporate Communication, Isah Abdulmunin, on Wednesday said the apex bank has not ordered the withdrawal of the old notes issued in line with the provision of the CBN Act 2007.
According to the CBN’s statement; “There have also been reports of anxiety among some members of the public over the legality or otherwise of old Naira banknotes. For the avoidance of doubt, while reiterating that there are sufficient banknotes across the country for all normal economic activity, we wish to state unambiguously that every banknote issued by the Central Bank of Nigeria (CBN) remains legal tender and should not be rejected by anyone, as stipulated in Section 20(5) of the CBN Act, 2007.
“Accordingly, branches of the CBN across the country have been directed to continue to issue different denominations of old and redesigned banknotes in adequate quantities to Deposit Money Banks for onward circulation to bank customers. We wish to restate that all denominations of banknotes issued by the Central Bank of Nigeria (CBN) remain legal tender.
“In line with Section 20(5) of the CBN Act, 2007, no one should refuse to accept the Naira as a means of payment. Consequently, members of the public are advised to accept all CBN-issued banknotes currently in circulation and guard against panic withdrawals.”
Recalled that with the biting Naira scarcity occasioned by the apex bank’s currency redesign policy, the Supreme Court had on March 3, 2023, ordered that the old N200, N500, and N1000 notes remain valid till December 31, 2023.
The ruling came from the suit instituted by 16 states of the Federation challenging the legality or otherwise of the introduction of the new policy.
