CBN Orders Banks to Comply With S’Court Judgement on  Old Naira Notes

Says old N1000, N500, N200 remain legal tender till December  31
 
The Central Bank of Nigeria has ordered banks to comply with the ruling of the Supreme Court ordering the old naira notes to remain legal tender and operate  simultaneously with the redesigned naira notes till December 31, 2023.

A  statement signed by CBN  Assistant Director, Corporate Communications,  Isa AbdulMumin, said the apex bank met with the Bankers’ Committee and directed that the old N200, 500, and N1000 bank notes remain legal tender alongside the redesigned banking notes till December 2023.

The statement reads:  “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 a and by extension the operations of the Central Bank of Nigeria, 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 Bankers’ Committee and has directed that the old N200, 500, and N1000 bank notes remain legal tender alongside the redesigned banking notes till December 2023.

Consequently, all concerned are directed to conform accordingly