CBN WARNS AGAINST REJECTION OF OLD NARIA NOTE

The tension over the closure of the due date for the use of old Naira note has lead some citizens to have begone the rejection of it. However, the Central Bank of Nigeria has warned against the rejection of the old Naira note. 

The apex bank, CBN, states that it has not yet declared that the old Naira note, issued in line with CBN Act of 2007, cease to be legal tender, although this fear can be understood to be because of the decision of the Supreme Court on May 3, 2023.

The Supreme Court on May 3 had ordered that old 200, 500, and 1000 Naira note ceases to be valid as a legal tender in Nigeria after December 31, 2023.

This order by the Supreme Court was after 16 States of the Federation instituted an action to challenge the implementation of the withdrawal of the old Naira note and its legality. 

The statement by the bank against the notion of the rejection of the old Naira not was issued on Wednesday and signed by the Director of Corporate Communication, Aidan Abdulmunin.  

The bank thus said, 

"There have also been reports of anxiety among some members of the public over the legality or otherwise of the old Naira banknotes. 

"For the avoidance of doubt, while reiterating that there are sufficient banknotes across the country for all normal economic activity, we wish to state unambiguously that every bank note issued by the Central Bank of Nigeria (CBN) remains legal tender and should not be reheated by anyone, as stipulated in Section 20(5) of the CBN Act, 2007.

"Accordingly, branches of the CBN across the country have been directed to continue to issue different denominations of old and redesigned banknotes in adequate quantities to Desposit Money Banks for onward circulation to bank customers".