Nigerians, Banks Receive New Directive On Naira Notes from the CBN.

by Amos Kalu

A new instruction regulating the acceptance of old and redesigned Naira notes has been sent by the Central Bank of Nigeria, or CBN, to all banks and Nigerian citizens.

In a statement released on Wednesday, CBN’s Acting Director of Corporate Communications, Mrs. Sidi Hakama, gave the order.


The bank stressed that all banknotes—both old and newly designed ones—remain legal as a means of payment.

The decision from the central bank coincides with the Supreme Court’s Wednesday decision granting the federal government’s request to extend the deadline for using N200, N500, and N1,000 notes until December 31.

In response to the verdict of the supreme court, the CBN instructed all of its branches to keep issuing and accepting Nigerian notes in all denominations.

The Supreme Court ruled that both the redesigned and the older N200, N500, and N1000 banknotes will remain valid forms of payment in order to allay any confusion.

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