UPDATE: CBN ORDERS BANKS TO ISSUE, ACCEPT OLD, REDESIGNED BANKNOTES
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All of the CBN’s branches have been instructed to keep issuing and accepting old and newly designed Nigerian banknotes in all denominations to and from deposit money banks (DMBs).
The apex bank’s spokeswoman, Sidi Ali Hakama, made this claim in a statement on Wednesday, stating that the direction complied with the Supreme Court’s ruling.
“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,” the statement read.
“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.”
In an effort to lessen the demand for physical currency, the CBN also pushed people to adopt electronic channels as an alternative to cash.
The Supreme Court granted Lateef Fagbemi, the Minister of Justice and Attorney-General of the Federation, permission to use the old naira banknotes indefinitely on Wednesday.
The panel, consisting of seven members and chaired by Justice Inyang Okoro, rendered a decision that declared both the old and new notes to be legal currency until the Federal Government established a procedure for their replacement or redesign, following appropriate stakeholder participation.
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