The Central Bank of Nigeria (CBN) on Monday disclosed that the old N200, N500 and N1000 notes remain legal tender until December 31, 2023.
CBN spokesperson, Isa Abdulmumin, who announced the development in a statement, stressed that the apex bank has ordered commercial banks to dispense and accept the deposit of old Naira notes.
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,” the statement reads.
“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.
This came few hours after Presidency declared that President Muhammadu Buhari wasn’t the one that directed the Central Bank of Nigeria Governor, Godwin Emefiele from obeying the Supreme Court judgement on Naira.