The Central Bank of Nigeria (CBN) has disclosed that old N200, N500, 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.
Thelagostimes gathered that 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.
In a statement titled, “Old N200, N500, and N1,000 banknotes Remain Legal Tender – CBN’, the Apex bank said the directive was in compliance with Buhari’s administration obedience to court orders.
The statement read, “In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterised the government of President Muhammad Buhari, and by extension, the operations of the Central Bank of Nigeria, 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.”