After intense criticisms, the recent being the disgust expressed by the federal government over its flagrant disregard of Supreme Court Order, the Central Bank of Nigeria under Godwin Emefiele, has formally announced that old N200, N500 and N1,000 notes remain legal tender.
This was contained in its press statement signed by Isa AbdulMumin, Acting Director, Corporate Communications of the apex bank on Monday.
The bankers’ bank unequivocally stated that the old naira notes remain generally acceptable till December 31st, 2023, as directed by the Supreme Court.
CBN added that the old naira note will coexist with the newly redesign notes till the stipulated time.
The statement titled ‘Old N200, 500, and N1,000 banknotes Remain Legal Tender’ read: “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 1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023.
“Consequently, all concerned are directed to conform accordingly.
