Old 500 And 1000 Naira Notes Are Now Legal Tender – CBN

According to the report, Isa affirmed that commercial banks have started issuing both old and new notes to their customers, although the apex bank is yet to issue an official statement....

Ashiru Taoreed March 8, 2023Last Updated: March 8, 2023

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The Central Bank of Nigeria (CBN) says both old and new Naira notes are now legal tender.
CBN’s Acting Director of Corporate Communications, Dr. Isa Abdulmumin, disclosed this on Tuesday, March 7, TheCable reports.

According to the report, Isa affirmed that commercial banks have started issuing both old and new notes to their customers, although the apex bank is yet to issue an official statement.

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According to him, “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.”

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He added 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.

Recall that last week the Supreme Court gave its verdict on the Naira redesign, directing the federal government to allow the validity of N200, N500 and N1000 notes till 31 December.