According to Isa Abdulmumin, spokesman for the Central Bank of Nigeria (CBN), both the old and new Naira notes are now regarded as legal tender following a new Supreme Court ruling.
According to Abdulmumin, banks are currently providing both new and old notes to customers at their various Automated Teller Machine (ATM) terminals and over the counter.
Even though the CBN has not yet officially announced the matter, Abdulmumin reportedly said that Nigerians can now spend and collect both the old and new notes.
The supreme court's decision to extend the life of the old notes to the end of the year, he said, was followed by the central bank's instruction to commercial banks in an effort to make life easier for Nigerians.
Both old and new notes are being paid by banks, according to the CBN official. These are all valid forms of payment.
“Well, the CBN hasn't officially commented on the situation. You can keep whatever money that banks provide you. We merely aim to raise the standard of living for Nigerians.”
Abdulmumin expressed concern about the fact that some companies and transporters continue to reject the outdated money.
The CBN official said that because the old notes are still valid forms of payment, they shouldn't be rejected.
No, he clarified. They are unable to refuse it. There isn't any illicit money.
According to Daily Trust, you will recall how several states petitioned the Supreme Court against the federal government over the CBN's Naira redesign approach.
In a petition filed in February to extend the validity of the old N200, N500, and N1,000 notes, the state governments of Kaduna, Kogi, and Zamfara requested the supreme court's assistance.
The court refused to let the CBN enforce the February 10 deadline in response to a one-sided request it made on February 8.
Later, it claimed that the old notes were still legal tender while delaying the hearing on the CBN's policy objection scheduled for February 15th.
But, in its final ruling on the matter last Friday, the apex court decided that the old N200, N500, and N1,000 notes remain legal tender until December 31, 2023.
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