The Central Bank of Nigeria directs banks to dispense the old Naira notes, as they remain legal tender till December 31, 2023.
CBN’s acting Director of Corporate Communications, Isa AbdulMumin disclosed this in a statement on Monday, adding that the old N200, N500, and N1,000 should remain in circulation.
This is coming 10 days after the Supreme Court ruled that old N200, N500, and N1,000 remain legal with new ones till the end of the year 2023.
The statement reads:
“In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterized the government of President Muhammadu Buhari, and by extension, the operations of the Central Bank of Nigeria (CBN), as a regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3, 2023.
Accordingly, the CBN met with the Bankers’ Committee and has directed that the old N200, N500, and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023. Consequently, all concerned are directed to conform accordingly,” the statement read.
It would be replaced that the highest court of the land had on March 3 ordered that old N200, N500, and N1000 notes remain valid till December 31, 2023.”
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