In response to the recent Supreme Court ruling validating the use of old N200, N500, and N1,000 notes, the Central Bank of Nigeria (CBN) has issued a new directive to banks regarding the acceptance and issuance of both old and redesigned currency.
The CBN’s notice, signed by Sidi Ali Hakama, the acting director of Corporate Communications, instructs banks nationwide to treat both the old and redesigned currency as legal tender. This decision follows the Supreme Court’s order, which declared the old versions of N200, N500, and N1,000 banknotes as legal tender indefinitely.
The CBN emphasized that, in accordance with Section 20(5) of the CBN Act 2007, all banknotes issued by the CBN will continue to remain legal tender without any set expiration date. The central bank further urged the public to accept both old and re-designed notes for their day-to-day transactions.
The directive also emphasized the importance of handling the currency with care to safeguard and protect the lifecycle of the banknotes. The CBN’s proactive approach ensures the smooth integration of old and redesigned notes in the country’s financial transactions.
Governor Olayemi Cardoso previously disclosed that over N10 trillion had been loaned to customers under various CBN intervention schemes. The data revealed a substantial disbursement of N41.02 billion to several agricultural projects between September and October 2022 under the Anchor Borrowers’ Programme (ABP). The total disbursement under the ABP scheme has reached N1.07 trillion, benefiting approximately 4.6 million smallholder farmers cultivating 21 commodities nationwide.
As the CBN maintains a flexible approach to currency circulation, the directive aligns with the Supreme Court’s ruling, ensuring a seamless transition between old and redesigned notes for the benefit of the Nigerian populace.
