The Central Bank of Nigeria, CBN, has directed that the old N200, N500, and N1,000 banknotes remain legal tender until December 31, 2023.
This was made known by the CBN’s Acting Director of Corporate Communications, Isa AbdulMumin, in a statement on Monday, March 13.
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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.”
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The CBN’s decision follows the Supreme court’s ruling of March 3, 2022. The court had ordered that old N200, N500 and N1000 notes remain valid till December 31, 2023.