Central Bank of Nigeria (CBN) spokesman Isa Abdulmumin said both old and new naira notes are now legal tender under new Supreme Court rules. According to Abdulmumin, banks are starting to issue both old and new bills to customers at various ATMs and counters. Speaking to The Cable on Tuesday, Abdul-Mummin said CBN has yet to issue an official statement on the matter, but Nigerians can now issue and collect both old and new bills. He added that Apex Bank wants to make life easier for Nigerians and has ordered commercial banks to comply with a Supreme Court ruling extending the expiration date of old banknotes until the end of the year. CBN spokesperson said: "Banks pay both old and new notes. They are all legal tender.
"Yes, CBN has not issued an official statement on the matter. You can collect what the bank gives you statement on the matter. You can collect what the bank gives you. We want to make life easier for Nigerians." Abdulmumin expressed concern that some traders and shipping companies continue to reject old banknotes. A CBN spokesman said the old banknotes are still a valid medium of exchange and should not be rejected. he added:
"No. I can't say no. It's all legal tender." Recall that some states have taken the federal government to the Supreme Court over a dispute over CBN's naira conversion policy.
In a lawsuit filed in February, the state governments of Kaduna, Kogi, and Zamfara sought Supreme Court intervention to extend the validity of his old N200, N500, and N1,000 bills.
On Feb. 8, the court stayed CBN from enforcing its Feb. 10 deadline after the state filed a unilateral motion. She later claimed that the old banknotes would remain legal tender while the Feb. 15 hearing against CBN on the policy was postponed.
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