According to the Central Bank of Nigeria’s (CBN) spokesman, Isa Abdulmumin, both old and new naira notes are now lawful money as a result of the Supreme Court’s latest decision.
Banks have begun to issue both old and new notes to consumers at their various Automatic Teller Machine (ATM) terminals and over the counter, according to Abdulmumin.
According to Abdulmumin, who spoke with The Cable on Tuesday, even though the CBN has yet to publish a formal announcement on the matter, Nigerians can now spend and collect both old and new notes.
UPDATE: Banks Start Disbursing Old 500, 1000 Naira Notes To Nigerians
He went on to say that the apex bank simply wants to make life easier for Nigerians and has ordered commercial banks to comply with the supreme court judgement that extended the validity time of the old notes to the end of the year.
The CBN spokesman 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.”
Abdulmumin voiced concern about certain traders and transporters continuing to refuse the old notes.
According to a CBN official, the old notes should not be rejected because they are still legal tender.
He added: “No. They can’t reject it. It’s all legal tender.”
Old naira Notes Legal Tender Till December 31 – Supreme Court
Recall that certain states had taken the Federal Government to the Supreme Court over the dispute surrounding the CBN’s naira redesign strategy.
In a February lawsuit, the state governments of Kaduna, Kogi, and Zamfara asked the Supreme Court to intervene in prolonging the validity of the old N200, N500, and N1,000 notes.
After an ex parte application by the states, the court prevented the CBN from enforcing the February 10 deadline on February 8.
It later insisted that the previous notes were lawful cash while adjourning the February 15 hearing in the complaint launched against the CBN over the policy.
However, the Supreme Court declared last week Friday that the old N200, N500, and N1,000 notes will be lawful tender until December 31, 2023.
Follow us on Facebook
Post Disclaimer
The opinions, beliefs and viewpoints expressed by the author and forum participants on this website do not necessarily reflect the opinions, beliefs and viewpoints of Anaedo Online or official policies of the Anaedo Online.