The Central Bank of Nigeria (CBN) has issued a statement regarding the status of old and new Naira notes, asserting that both are legal tender.
This announcement aims to clarify the situation as Nigerians have been rushing to obtain new notes ahead of the previously set December 31st deadline for phasing out the old currency.
The Central Bank of Nigeria (CBN) has reinforced the acceptability of both old and new Naira notes as legal tender and urged Nigerians to continue using them for transactions.
This directive was emphasized as concerns arose about the impending phase-out of the old Naira notes, which had been set for December 31st during the previous administration.
The CBN stated clearly in its announcement that all banknotes issued by the CBN, regardless of their design or age, should not be refused as legal tender.
This assertion is in line with Section 20(5) of the CBN Act, 2007.
In response to the recent situation and public concerns, the CBN has instructed all its branches across the country to continue distributing various denominations of both old and redesigned Naira notes to deposit money banks.
It’s worth noting that the former CBN governor, Godwin Emefiele, introduced the redesigned Naira notes in the lead-up to the 2023 general elections.
One of the measures introduced at the time was the plan to phase out the old Naira notes.
Additionally, there were restrictions on withdrawal limits, which were later adjusted.
Emefiele explained that these measures were implemented to promote a cashless policy and reduce the potential for vote-buying during the 2023 general elections.