The Supreme Court, on Wednesday, ruled that the old Naira denominations of N200, N500 and N1,000 notes continue to co-exist with the new notes till further notice.
The court maintained that the old and new notes should remain as legal tender beyond December 31 until the Federal Government puts a process in place for their replacement or redesign after due consultation with relevant stakeholders.
The apex court had, on March 3, restrained the Central Bank of Nigeria from giving effect to the deadline on the use of old notes.
However, the CBN, on November 14, extended the validity of the old N200, N500 and N1,000 notes indefinitely.
The PUNCH reports that the CBN introduced the redesigned N200, N500 and N1.000 denominations in October 2022 and certain deadlines were set for the old design of these denominations to cease as legal tenders.
Meanwhile, the CBN, on Wednesday, 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.
The directive is contained in a statement signed by the apex bank’s acting Director, Corporate Communications, Sidi Hakama.
She stated, “For the avoidance of doubt, the Supreme Court ordered that the old versions of the N200, N500 and N1,000 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 redesigned) for their day-to-day transactions and handle these banknotes with the utmost care, to safeguard and protect the lifecycle of the banknotes
“The CBN further urged Nigerians to embrace alternative modes of payment, e-channels in order to reduce pressure on the use of physical cash.”
