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CBN upholds old and new Naira notes as legal tender in Nigeria

EditorRachael Rajan
Published 11/29/2023, 11:35 AM
© Reuters.

NIGERIA - In a significant move for the Nigerian economy, the Central Bank of Nigeria (CBN) has announced that both old and redesigned Naira notes will indefinitely remain legal tender throughout the country. This decision follows a Supreme Court order and is in line with the CBN Act 2007, specifically Section 20(5), which mandates banks to accept and dispense all denominations of the national currency without discrimination.

The CBN's directive comes with an encouragement for the public to transition towards electronic payments, aiming to reduce the dependency on physical cash. This shift is expected to enhance transactional efficiency and align with global digitalization trends.

The CBN's dual approach of upholding cash circulation while promoting digital transactions demonstrates a commitment to maintaining currency stability and adapting to technological advancements.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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