Naira Redesign Old, New Notes Are Now Legal Tender – CBN

The Central Bank of Nigeria (CBN) has declared that both old and new Naira notes are now legal tender.

The Acting Director of Corporate Communications CBN, Dr. Isa Abdulmumin made this disclosure on Tuesday.

He affirmed that commercial banks have started issuing both the old and new notes to their customers.

However, he insisted that the apex bank is yet to issue an official statement.

He said, ‘Banks are paying old notes as well as new notes. They are all legal tender.

‘Yes, the CBN has not issued an official statement on the issue. Anyone banks give to you, you can collect. We just want to make life easy for Nigerians.’

Read Also: How Emefiele Introduced Naira Redesign To Help PDP —El-Rufai

Africa Today News, New York recalls that sometime last week, the Supreme Court gave its verdict on Naira redesign, directing the federal government to allow the validity of N200, N500, and N1000 notes till 31 December.

In response to the ruling, Africa Today News, New York gathered on Monday that some banks in Abuja and Lagos have started issuing the old notes to customers.

But, traders, business owners, and motorists are not accepting the old notes.

Recently, Kaduna State Governor, Nasir El-Rufai had come out to allege that the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele introduced the naira redesign policy to help the Peoples Democratic Party (PDP) win the 2023 general elections.

Speaking at a media chat, just after the Supreme Court ordered that old N200, N500, and N1,000 notes remain in circulation till December 31, 2023; El-Rufai said; ‘Emefiele was appointed Central Bank Governor by the PDP originally. So, let’s not forget where he came from’. 

Africa Today News, New York reports that the apex court also nullified the Federal Government’s naira redesign policy, declaring it as an affront to the 1999 Constitution.

The court said the policy has led to some people engaging in trade by barter in this modern age in a bid to survive.

Sixteen states led by Kaduna, Kogi, and Zamfara prayed the apex court to void and set aside the policy on the ground that it is inflicting hardships on innocent Nigerians.

Africa Today News, New York

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