Many Nigerians will not forget the issues they had in the early months of 2023 and how they watched businesses die. Old Naira notes vanished.
May claim it was Godwin Emefiele’s sojourn in the world of politics that rocked the boat when it failed.
Some persons believe, Emefiele, in anger, made it his lifelong goal to punish politicians and, by extension, Nigerians.
It was on this wise that he introduced the naira redesign and cashless policies, which almost disintegrated the nation.
Today, the Central Bank of Nigeria (CBN) made a very wise and well-informed decision.
In a release, the CBN announced that the old naira banknotes will remain legal tender.
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The CBN had introduced the redesign of ₦200, ₦500, and ₦1,000 denominations in October 2022.
The Apex Bank also announced certain deadlines for the old notes to cease being legal tenders.
Old Naira Notes Remains Legal Tender
But the new leadership of the CBN has now informed the public that the legal tender status of the old Naira notes has been extended ad infinitum.
The CBN said: “This is in line with international best practices and to forestall a repeat of earlier experiences.
“Thus, all banknotes issued by the CBN, in accordance with Section 20(5) of the CBN Act 2007, will continue to remain legal tender, ad infinitum, even beyond the initial December 31, 2023, deadline.
“The Central Bank of Nigeria is working with the relevant authorities to vacate the subsisting court ruling on the same subject.
“Accordingly, all CBN branches across the country will continue to issue and accept all old and redesigned notes to and from deposit money banks (DMBS).
“The general public should carry out their usual transactions with the old and new Naira notes.
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“And treat these banknotes with extreme caution to preserve and protect their lifespan.
“Also, the general public is encouraged to embrace alternative modes of payment, such as e-channels, for day-to-day transactions”.
