BREAKING: CBN Succumb To Pressure, Says Old N200, N500, N1,000 Notes Remain Legal Tender Till The End of 2023

CBN Succumb To Pressure, Says Old N200, N500, N1,000 Notes Remain Legal Tender Till The End of 2023

The Central Bank of Nigeria (CBN) on Monday succumbed to pressure said old N200, N500, and N1,000 banknotes remain legal tender till December 31, 2023.

The apex bank’s Acting Director of Corporate Communications, Isa AbdulMumin disclosed this in a statement on Monday. This is coming 10 days after the Supreme Court ruled that old naira notes should co-exist with new ones till the end of the year.

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“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 recalled that the supreme court had on March 3 ordered that old N200, N500 and N1000 notes remain valid till December 31, 2023.