CBN: Old N500, N1,000 notes still legal tender

The monetary policy rate (MPR), which is a measurement of interest rate, has been raised from 15.1 per cent to 16.5 per cent by the policy-setting committee of the Central Bank of Nigeria (CBN).

The Central Bank of Nigeria (CBN) has told commercial banks to collect customers’ old N500 and N1,000 bills.

It stated that the old notes can be used as legal tender as a result of a directive from the Supreme Court.

Isa Abdulmumin, a spokesman for the Central Bank of Nigeria, said that banks have started giving customers both old and new notes at ATMs and in person.

He said that even though the CBN hasn’t made an official statement on the matter, Nigerians can spend and collect both old and new notes in line with the Supreme Court’s decision.

The spokesman, who spoke with newsmen, said,  “Banks are paying old notes as well as new notes. They are all legal tender.

“Yes, the CBN has not issued an official statement on the issue. Anyone banks give to you, you can collect. We just want to make life easy for Nigerians.”

Abdulmumin was concerned about the persistent refusal of some merchants and transporters to accept the older currencies.

The CBN spokesperson insisted that the old notes be accepted as payment because they are still legal tender.

He added: “No. They can’t reject it. It’s all legal tender.”

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