CBN Warns Against Rejecting Old Naira Notes

In line with the provisions of the CBN Act 2007, the Central Bank of Nigeria (CBN) has issued a warning against rejecting any bank notes it has issued.
This is due to concerns that by December 2023, the old banknotes might no longer be accepted as legal tender.
The Supreme Court issued an order on March 3 extending the validity of the old N200, N500, and N1000 notes until December 31, 2023.
This was after 16 states of the Federation instituted a suit to challenge the legality or otherwise of the introduction of the policy.
The apex bank said in a statement signed and released on Wednesday by its Director, Corporate Communication, Isah Abdulmunin that it has not ordered the withdrawal of the old Naira notes.
The bank said, “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.”
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