All Nairanotes Issued by the Central Bank of Nigeria (CBN) Remain Legal Tender — CBN

On November 8th, the Central Bank of Nigeria made an official announcement via their Twitter account regarding the acceptance of both the old and new Naira banknotes.

In their communication, they stressed that these banknotes remain in circulation and continue to be recognized as valid forms of currency.

Furthermore, the central bank emphasized the importance of the public adopting alternative payment methods. This move is aimed at reducing the dependency on physical cash and alleviating the strain on the use of paper money. By encouraging the use of digital payment options, the Central Bank of Nigeria hopes to promote a more efficient and convenient means of conducting transactions while also potentially enhancing financial security and transparency.

Additionally, the Central Bank of Nigeria has instructed all banks to persist in distributing both the older and redesigned currency notes to the public.

This directive ensures that a smooth transition occurs, and individuals have access to the full spectrum of Naira banknotes, irrespective of their design.

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