Rejecting old naira notes is not advised; the CBN allays concerns about their legality

Avoid rejecting the outdated naira notes, the CBN advises.The Central Bank of Nigeria has confirmed that all naira notes are still valid, allaying concerns that they would stop being accepted by December 2023.Although it has not mandated the removal of the old banknotes, the apex bank issued a warning against rejecting them.Recall that earlier this year, amid the cash crisis brought on by the CBN's redesign of the larger denomination notes (200, 500, and 1,000), the Supreme Court ruled that the old notes would stay legal until December 31, 2023. The decision is raising concerns about the validity of the previous legislation as December draws near.