By Milcah Tanimu

The Central Bank of Nigeria (CBN) has instructed its branches nationwide to continue issuing and accepting all denominations of the old and new naira notes to and from Deposit Money Banks (DMBs). This directive comes after the Supreme Court granted the Minister of Justice and Attorney General of the Federation’s prayer to extend the use of old naira banknotes indefinitely.

The Supreme Court’s decision, which ensures the legal tender status of old N200, N500, and N1,000 banknotes until further notice, was prompted by concerns about cash scarcity as the deadline for the redesign of these denominations approached. Despite assurances from the CBN that it would accept all denominations of notes beyond the deadline, the legal backing sought by the AGF was necessary.

In a statement, the CBN emphasized that both old and redesigned versions of the N200, N500, and N1,000 banknotes will continue to be legal tender. The public is encouraged to accept and use all naira banknotes for transactions and to handle them with care to preserve their lifecycle.

Additionally, the CBN advised the public to embrace alternative payment methods such as electronic channels to reduce reliance on physical cash.