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Naira redesign: Old, new notes are legal tender – CBN reveals

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Both old and new notes are now considered legal tender, according to the Central Bank of Nigeria.

The Acting Director of Corporate Communications CBN, Dr Isa Abdulmumin announced this on Tuesday.

He stated that commercial banks had started issuing both the old and new notes to their clients.

However, he stressed that the apex bank has not yet released a formal statement.

He said, “Banks are paying old notes as well as new notes. They are all legal tender.

"Well, the CBN hasn't made a formal remark about the matter. Anyone banks give to you, you can collect. We only seek to improve Nigerians' quality of life.

The Supreme Court issued its ruling on the redesign of the naira last week, ordering the federal government to maintain the legal tender status of the N200, N500, and N1000 notes through the end of December.

It was learned on Monday that some banks in Abuja and Lagos have begun issuing the old notes to customers in response to the ruling.

However merchants, proprietors of businesses, and drivers are refusing to take the old notes.

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