Both new and old naira notes are still legal cash, the top bank reaffirmed in a statement on Wednesday.
As stated in Section 20(5) of the CBN Act, 2007, “We wish to state unambiguously that every banknote issued by the Central Bank of Nigeria remains legal tender and should not be rejected by anyone, for the avoidance of doubt,” CBN spokesman Isa AbdulMumin said. “We also reiterate that there are sufficient banknotes across the country for all normal economic activity.”
As a result, CBN branches all throughout the nation have been instructed to keep issuing various denominations of outdated and redesigned banknotes in sufficient amounts to Deposit Money Banks so that bank clients might use them later.
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We would like to reiterate that all CBN-issued banknote denominations are still accepted as legal money. According to CBN Act, 2007 Section 20(5), no one has the right to refuse to accept Naira as payment.
The apex bank “reaffirm that there is sufficient stock of currency notes to facilitate normal economic activities”.
Last October, then CBN Governor, Godwin Emefiele, announced plans to redesign the three highest naira bills and asked Nigerians to deposit their old notes before January 31, 2023, when they would cease to be legal tender.
The naira crunch caused economic turmoil as many Nigerians suffered hardship, leading to riots in some states and the burning of some banks and Automated Teller Machines (ATMs).
The apex bank subsequently said then President Muhammadu Buhari had approved an extension of the deadline for the naira swap.
Some then governors of the All Progressives Congress (APC) dragged the CBN and the Federal Government to the Supreme Court and the apex court ruled in March 2023 that the old N200, N500, and N1,000 notes would remain as legal tender until December 31, 2023.