CBN Affirms Unlimited Circulation of Naira Banknotes
By Patience Ikpeme
In the wake of the recent landmark decision by the Supreme Court, extending the validity of older versions of Naira banknotes, the Central Bank of Nigeria (CBN) has issued directives for the uninterrupted circulation and acceptance of all denominations of Nigerian currency, both old and new designs.
A statement released by the CBN and signed by the Acting Director of Corporate Communications, Mrs. Sidi Ali Hakama, underscores the importance of continued acceptance of all Naira banknotes, irrespective of their old or new status.
She encouraged citizens to use and handle these banknotes with utmost care to ensure their prolonged durability.
Further emphasizing the evolving landscape of financial transactions, the statement encouraged the adoption of alternative payment channels, particularly electronic platforms, as a means to reduce reliance on physical cash.
The recent ruling by the Supreme Court delineates that the older variants of the N200, N500, and N1,000 denominations will retain their legal tender status alongside their contemporary counterparts. This legal precedent, as stipulated in Section 20(5) of the CBN Act 2007, solidifies the perpetual validity of all banknotes issued by the CBN, affirming their status as lawful tender indefinitely.
