CBN orders banks to comply with supreme court ruling

The Nigerian Supreme Court ruled on Wednesday that the Old Naira notes will continue to be accepted as legal money in the nation until further notice. The Central Bank of Nigeria (CBN) has upheld this decision.

In a statement released on Wednesday, the top bank also ordered banks to abide by the decision and continue to accept and issue the older notes alongside the new ones indefinitely.

The statement read: “Following the order of the Supreme Court on Wednesday, November 29, 2023, granting the prayer of the Minister of Justice and Attorney-General of the Federation to extend the use of old Naira banknotes ad infinitum, the Central Bank of Nigeria (CBN) has directed all its branches to continue to issue and accept all denominations of Nigerian banknotes, old and re-designed, to and from deposit money banks (DMBS).

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“For the avoidance of doubt, the Supreme Court ordered that the old versions of N200, N500, 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 (CBN), will continue to remain legal tender, indefinitely.

“Members of the public are enjoined to continue 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.”
The bank also urged Nigerians to use alternative modes of payment, e-channels, in order to reduce pressure on the use of physical cash.