CBN Approves Recirculation of Old Naira Notes

CBN Approves Recirculation of Old Naira Notes

CBN Approves Recirculation of Old Naira Notes

By our reporter

The Central Bank of Nigeria, CBN, has approved the recirculation of old naira notes to customers via automated teller machines (ATMs) and over-the-counter by commercial banks.

The decision is in compliance with the directive of the supreme court, which extended the validity period of the old notes until December 2023.

While some bank officials confirmed that the circulation of the old notes has been approved by CBN till December 31, the CBN spokesperson, Isa Abdulmumin, has also confirmed the approval.

He stated that both the old and new notes will serve as legal tender, and banks are currently issuing them to customers.

However, he also mentioned that the CBN is yet to issue an official statement on the matter.

Abdulmumin expressed concern over the continued rejection of the old notes by some traders and transporters, stating that they should not be rejected as they are still a valid means of exchange.

He emphasised that the old notes are legal tender and cannot be rejected. Some commercial banks have begun complying with the court order.

Following the controversy that trailed the naira redesign policy of the Central Bank of Nigeria from October last year, several states sought the supreme court’s intervention in extending the validity of the old N200, N500, and N1,000 notes.

The court later insisted that the old notes remained legal tender while adjourning the hearing of the case brought against the CBN on the policy on February 15.

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