CBN Approves Recirculation Of Old Naira Notes

Politicians Move to Mobilise Lawmakers Against CBN, Naira Redesign
Naira Notes

The Central Bank Of Nigeria has approved for commercial banks to recirculate old naira notes to customers at via automated teller machines (ATMs) terminals and over the counter.

The development is in absolute compliance with the directive of the supreme court, which extended the validity period of the old notes to the December 2023.

Some bank officials told TheCable that the circulation of the old notes has been approved by CBN till December 31.

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Spokesperson for the CBN, Isa Abdulmumin, who confirmed the approval, said both the old and new notes will serve as legal tender as banks are currently issuing them customers.

However, he said the CBN was yet to issue an official statement on the matter.

“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.”

Abdulmumin, however, expressed concern on the continued rejection of the old notes by some traders and transporters, adding that the old notes should not be rejected as they are still a valid means of exchange.

“No. They can’t reject it. It’s all legal tender,” he said.

TheCable reported on Tuesday that some commercial banks have stated complying with the court order in the face of continued silence from the CBN and President Muhammadu Buhari.

It was observed that a Zenith Bank branch in Festac Town paid out the old notes to customers over the counter.

“It has been approved by CBN for circulation till December 31 and that’s why we can dispense to our customers,” a bank official said.

Another bank official said the branch had “received orders to begin dispensing old notes to our customers”.

The ATMs at the branches of the United Bank for Africa (UBA) close to Agege-Pen Cinema Bridge, and Guaranty Trust Bank (GTB) in the Ikeja area Lagos, were also dispensing the old notes according to reports.

Following the controversy that trailed the naira redesign policy of the Central Bank of Nigeria (CBN) from October last year, several states sought the supreme court’s intervention in extending the validity of the old N200, N500, and N1, 000 notes.

On February 8, the court restrained the CBN from enforcing the February 10 deadline following an ex parte application brought by the states.

It later insisted that the old notes remained legal tender while adjourning the hearing of the case brought against the CBN on the policy on February 15.

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