Breaking: CBN Bows To Supreme Court Ruling, Approves The Use Of Old Naira Notes Across The Country

The Central Bank of Nigeria (CBN) bows to supreme court ruling on the use of N500 and N1000 old naira notes, finally approves the use of old and new naira notes across the country.

Recall that last week, the Supreme Court gave its verdict on naira redesign, directing the federal government and the Central Bank of Nigeria to allow the validity of N200, N500 and N1000 old naira notes till 31st of December, 2023.

The Acting Director of Corporate Communications CBN, Dr Isa Abdulmumin revealed this on Tuesday while addressing some newsmen stating the need to obey the Supreme Court ruling.

Abdulmumin affirmed that commercial banks have started issuing both the old and new notes to their customers as legal tender across the country.

But in a twist, he stressed that the apex bank is yet to issue any official statement in regards to the issuance and circulation of the old naira notes.

He added that banks are paying old naira notes as well as the new notes to customers in various commercial banks which are all legal tender.

Abdulmumin further stressed that the CBN has not issued an official statement on the issue, but anyone naira note banks give to you, you can collect. We just want to make life easier for Nigerians.

In compliance to the Supreme Court ruling, it was learned that on Monday that some commercial banks in Kano, Abuja and Lagos have started issuing the old naira notes to customers.

But traders, business owners and motorists are still not accepting the old naira notes in some parts of the country.