CBN Finally Breaks Silence, Says Old Naira Notes N200, N500, N1000 Remain Legal Tender Till December 31st

The Central Bank of Nigeria (CBN) on Monday said old N200, N500, and N1,000 banknotes remain legal tender till December 31, 2023.

This was gathered after the apex bank’s Acting Director of Corporate Communications, Isa AbdulMumin disclosed this in a statement on Monday.

This is coming 10 days after the Supreme Court ruled that old naira notes should co-exist with new ones till the end of the year.

“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.

CBN Finally Breaks Silence, Says Old Naira Notes N200, N500, N1000 Remain Legal Tender Till December 31st

“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.

Recall that the supreme court had on March 3 ordered that old N200, N500, and N1000 notes remain valid till December 31, 2023.

This was after 16 states of the Federation instituted a suit to challenge the legality or otherwise of the introduction of the policy.

The 16 states led by Kaduna, Kogi, and Zamfara had prayed the apex court to void and set aside the policy on the ground that it is inflicting hardships on innocent Nigerians.

BY IYABO AINA

Publisher Of News Rain Nigeria