Finally, the Central Bank of Nigeria, CBN, has said that the old N200, N500, and N1,000 banknotes should continue as legal tender in the country, till December, 31, 2023.
This announcement was communicated on Monday by the apex bank in a press release signed by the bank’s the Acting. Director, Corporate Communications, Isa Abdul Mumin.
According to the bank, the announcement is in compliance with the judgement of Supreme court on March 3.
Below is excerpt of the statement.
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 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 concemed are directed to conform accordingly.