The Central Bank of Nigeria (CBN) has declared that there is no deadline set on the circulation of old Naira notes in the country, reports ITREALMS.
A press statement from CBN, endorsed by the Acting Director, Corporate Communications, Sidi Ali, Hakama (Mrs.) informed ITREALMS that their attention has been drawn to discussions at different fora which suggested that the old series of the N200, N500, and N1,000 banknotes shall cease to be legal tender on December 31, 2024.
"We wish to state categorically that such claims are false and calculated to disrupt the country’s payment system," she declared.
According to CBN spokeswoman, "For the avoidance of doubt, the order of the Supreme Court of Nigeria on Wednesday, November 29, 2023, granting the prayer of the Attorney-General of the Federation and Minister of Justice to extend the use of old Naira banknotes ad infinitum, subsists."
Similarly, she said, the CBN’s directive to 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) remains in force.
ITREALMS recalled that the Supreme Court ordered that the old series of N200, N500, and N1,000 banknotes shall continue to be legal tender alongside the redesigned versions.
In alignment to above, she said, all banknotes issued by the Central Bank of Nigeria (CBN) will continue to remain legal tender indefinitely.
"We, therefore, advise members of the public to disregard suggestions that the said series of banknotes will cease to be legal tender on December 31, 2024.
"We urge Nigerians to continue to accept all Naira banknotes (old or redesigned) for their day-to-day transactions and handle them with the utmost care to safeguard and protect their lifecycle.
CBN further advised Nigerians to embrace alternative modes of payment, e-channels, in order to reduce pressure on the use of physical cash.
Remmy Nweke/DoP
"We wish to state categorically that such claims are false and calculated to disrupt the country’s payment system," she declared.
According to CBN spokeswoman, "For the avoidance of doubt, the order of the Supreme Court of Nigeria on Wednesday, November 29, 2023, granting the prayer of the Attorney-General of the Federation and Minister of Justice to extend the use of old Naira banknotes ad infinitum, subsists."
Similarly, she said, the CBN’s directive to 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) remains in force.
ITREALMS recalled that the Supreme Court ordered that the old series of N200, N500, and N1,000 banknotes shall continue to be legal tender alongside the redesigned versions.
In alignment to above, she said, all banknotes issued by the Central Bank of Nigeria (CBN) will continue to remain legal tender indefinitely.
"We, therefore, advise members of the public to disregard suggestions that the said series of banknotes will cease to be legal tender on December 31, 2024.
"We urge Nigerians to continue to accept all Naira banknotes (old or redesigned) for their day-to-day transactions and handle them with the utmost care to safeguard and protect their lifecycle.
CBN further advised Nigerians to embrace alternative modes of payment, e-channels, in order to reduce pressure on the use of physical cash.
Remmy Nweke/DoP
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