In a statement on Wednesday, the Central Bank of Nigeria (CBN) directed all its branches to persist in issuing and accepting all denominations of Nigerian banknotes, both old and re-designed, to and from deposit money banks (DMBs).
According to Sidi Ali Hakama, the spokesperson for the apex bank, this directive is in compliance with the Supreme Court’s order.
“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.”
The CBN is also encouraging the adoption of alternative payment methods and electronic channels to alleviate the pressure on the use of physical cash.
In the recent Supreme Court ruling, the application of the Minister of Justice and Attorney-General of the Federation, Lateef Fagbemi, was granted to extend the use of old Naira banknotes indefinitely.
The seven-man panel, led by Justice Inyang Okoro, emphasized that both old and new notes should continue to remain legal tender until the Federal Government establishes a process for replacement or redesign, following due consultation with relevant stakeholders.
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