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CBN declares old naira notes legal tender

The Central Bank of Nigeria, CBN says the old N200, N500, N1,000 notes remain legal tender till December 31, 2023.

In a statement, CBN’s Acting Director of Corporate Communications, Isa AbdulMumin said the move has demonstrated that the apex bank has huge respect for the rule of law.

“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.

The statement directed all banks to follow the directive immediately.

Earlier, the Presidency had said the CBN has no reason to disobey the supreme court order directing that the old naira notes remain as legal tender till end of December, 2023.

The Supreme court had on March 3 ruled that old N200, N500 and N1000 notes remain valid till December 31, 2023.

Writing by Oluwaseyi Ajibade; Editing by Adeniyi Bakare