The Central Bank of Nigeria has announced that the old N200, N500, and N1000 notes will remain legal tender till December 31, 2023, in compliance with the ruling of the Supreme Court.
A statement issued by CBN’s Acting Director of Corporate Communication, Isa Abdulmumin on Monday, directed commercial banks to start issuing and accepting the old notes.
According to the statement: “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.”
