Supreme Court reaffirms CBN directive, insists banks to issue, accept old, redesigned Naira – ITREALMS

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The Supreme Court of Nigeria on Wednesday, November 29, 2023, granted the Central Bank of Nigeria extension order on the use of the of old Naira banknotes ad infinitum, reports ITREALMS.

With this, Supreme Court has reaffirmed CBN recent directive on the use of both old and redesigned notes beyond December 31, 2023.

CBN: We didn't anticipate scarcity on redesigned Naira - ITREALMS

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The Central Bank of Nigeria (CBN), on Thursday, admitted that the ongoing scarcity associated with the naira redesign and cash withdrawal policy was not anticipated.

This came amid numerous protests and attacks on banks by angry Nigerians due to the inability to access cash for their regular transactions.

US introduces new $100 note with 3D

ITRealms:

The United States Federal Reserve, equivalent of the Central Bank of Nigeria, Tuesday began what it classified as supplying financial institutions with a redesigned $100 note that has Third Dimension (3D) security feature among others, ITRealms reports.

This $100 note incorporates new security features to deter counterfeiters and help businesses and consumers tell whether a note is genuine,

A press statement made available to ITRealms, showed that distance, demand and policies of individual financial institutions would influence how quickly the redesigned notes reach businesses and consumers globally.

The Federal Reserve Board Governor, Jerome H. Powell says that the new design incorporates security features that make it easier to authenticate, but harder to replicate.

“As the new note transitions into daily transactions, the user-friendly security features will allow the public to more easily verify its authenticity,” he said.

Also, Jerome was quoted as saying that the Federal Reserve, U.S. Department of the Treasury, U.S. Bureau of Engraving and Printing, and the U.S. Secret Service partnered to redesign Federal Reserve notes to stay ahead of counterfeiting threats.

According to him, the redesigned $100 note includes two new security features: a blue 3-D security ribbon with images of bells and 100s, and a colour-changing bell in an inkwell. The new features, and additional features retained from the previous design, such as a watermark, offer the public a simple way to visually authenticate the redesigned $100 note.

ITRealms recalls that consumers worldwide are advised that it is not necessary to trade in older-design $100 notes for new ones.

“It is U.S. government policy that all designs of U.S. currency remain legal tender, regardless of when they were issued,” part of the statement read.

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