Businessman Yunusa Abdullahi said the statement from the apex bank had laid to rest controversies surrounding acceptance and non-acceptance of the old notes. He added that commercial banks had been reluctant to accept the notes, leading to concerns about their use. “Since it is now clear that they have spoken, we will begin to accept them,” he said.
Meanwhile, public servant Rosemary said the CBN statement was a welcome development that would go a long way in reducing the stress Nigerians had been going through since the implementation of the naira redesign policy. She said she had previously tried to use the old notes at a market but they had been rejected. “So, now that the CBN has given directive, it is a relief to many people,” she said.
Bisi, a mother of three, said the CBN should go beyond the pronouncement and make the old notes available to Nigerians. She said if the notes were not made available, the naira crisis would still linger, adding that “availability of the notes is paramount.”
Following the redesigning of N200, N500, and N1,000 notes by the CBN, January 31 was announced as the deadline for the use of the old notes. However, the deadline was met with protests from Nigerians, forcing the apex bank to extend it to February 10. The extension was equally met with outrage, leading to President Muhammadu Buhari’s directive that the old N200 note should be used alongside the redesigned notes for a period of time.
Governors of Kaduna, Kogi, and Zamfara had approached the Supreme Court on February 3, requesting that the extension should be beyond February 10 as announced by the CBN. Following the suit, a seven-member panel of the apex court, led by John Okoro, gave the order suspending the February 10 deadline until February 15, when the suit would be determined.
Subsequently, other states joined the suit, and the Supreme Court on March 3 ruled that the N200, N500, and N1,000 notes remained legal tender until December 31. The ruling also stated that the old Naira notes should be used alongside the redesigned notes.
Controversies, however, followed the ruling, with business operators refusing to accept the old N500 and N1,000 notes pending a directive from the CBN. The CBN released a statement on March 13, 10 days after the ruling, re-echoing the Supreme Court's decision that the old notes would remain legal tender until December 31.
The CBN statement said: “The general public is hereby informed that the N500 and N1,000 banknotes, whether old or new, are legal tender and can be used for transactions. The banknotes are also guaranteed by the Central Bank of Nigeria and are convertible to legal tender at any of our branches, the branches of any deposit money bank, and merchant locations.”
CBN Director of Communications Osita Nwanisobi also urged Nigerians to handle the naira with care, respect, and dignity, as it was a symbol of the country’s identity and pride.