…The apex bank suggested strongly in a statement issued by its Acting Director, Corporate Communications, Mrs Sidi Ali- Hakama, that ”such claims are false and calculated to disrupt the country’s payment system,”
FRI OCT 25 2024-theGBJournal| The Central Bank of Nigeria (CBN) said Thursday that there is no truth in the suggestion that the old series of the N200, N500, and N1,000 banknotes shall cease to be legal tender on December 31, 2024.
The CBN was prompted to issue the statement following discussions at different fora suggesting the termination of the circulation of the old banknotes by the end of this year including a comment by a member of the Federal House of Representative, Adam Victor Ogene, (LP, Anambra) who said ”the House has resolved that the Central Bank of Nigeria (CBN) must initiate awareness campaigns to inform and prepare citizens for the upcoming deadline of December 31, 2024.”
”We, therefore, advise members of the public to disregard suggestions that the said series of banknotes will cease to be legal tender on December 31, 2024,” the CBN said.
The apex bank suggested strongly in a statement issued by its Acting Director, Corporate Communications, Mrs Sidi Ali- Hakama, that ”such claims are false and calculated to disrupt the country’s payment system,”
The CBN cited the Supreme Court order on the matter saying; ”for the avoidance of doubt, the order of the Supreme Court of Nigeria on Wednesday, November 29, 2023, granting the prayer of the Attorney-General of the Federation and Minister of Justice to extend the use of old Naira banknotes ad infinitum, subsists.
Similarly, the CBN’s directive to all its branches to continue to issue and accept all denominations of Nigerian banknotes, old and re-designed, to and from deposit money banks (DMBs) remains in force.”
It will be recalled that the Supreme Court ordered that the old series of N200, N500, and N1,000 banknotes shall continue to be legal tender alongside the redesigned versions.
”Accordingly, all banknotes issued by the Central Bank of Nigeria (CBN) will continue to remain legal tender indefinitely,” the CBN said.
The apex bank urged Nigerians to continue to accept all Naira banknotes (old or redesigned) for their day-to-day transactions and handle them with the utmost care to safeguard and protect their lifecycle.
The CBN further urged the general public to embrace alternative modes of payment, echannels, in order to reduce pressure on the use of physical cash.
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