By Barbara Bako
The Central Bank of Nigeria (CBN) has directed all it’s branches to continue to issue and accept all denominations of Nigerian banknotes, old and re-designed, to and from deposit money banks (DMBs).
According to a statement signed by the Ag. Director, Corporate Communications, Mrs Sidi Ali Hakama this is following the order of the Supreme Court on Wednesday, November 29 in Abuja.
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.
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The statement: “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.”
“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.”
“Furthermore, the general public is encouraged to embrace alternative modes of payment, echannels, in order to reduce pressure on the use of physical cash,” it added
