The Central Bank of Nigeria (CBN) has announced that the old N200, N500, and N1,000 banknotes will continue to serve as legal tender until December 31, 2023.
The apex bank made this known on Monday through its Acting Director of Corporate Communications, Isa AbdulMumin, in a statement released in Abuja.
This directive came 10 days after the Supreme Court ruled that the old naira notes should coexist with the new ones until the end of the year.
The CBN, as a regulator, has directed Deposit Money Banks operating in Nigeria to comply with the Supreme Court ruling of March 3, 2023.
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“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,” the statement read.