© Reuters.
NIGERIA – In a significant move for the Nigerian economy, the Central Bank of Nigeria (CBN) has announced that the old and redesigned Naira notes will remain legal tender throughout the country indefinitely. This decision follows an order from the Supreme Court and is in line with the CBN Act, 2007, particularly Section 20(5), which requires banks to accept and distribute all denominations of the national currency without discrimination .
The CBN directive encourages the public to move to electronic payments, in a bid to reduce reliance on physical cash. This change is expected to improve transactional efficiency and align with global digitalization trends.
The CBN’s dual approach of maintaining cash circulation while promoting digital transactions demonstrates its commitment to maintaining monetary stability and adapting to technological advancements.
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The post office CBN maintains old and new Naira notes as legal tender in Nigeria By Investing.com first appeared on Investorempires.com.
