Central Bank of Nigeria (CBN) has said, the old naira notes, N200, N500 and N1000 remain legal until the 31st of December 2023.
CBN spokesman, Isa Abdulmumin, announced the new development the statement Monday evening.
“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,” the statement reads.
“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.”
Two weeks back, the supreme court annulled the naira redesign policy introduced by the Central Bank of Nigeria, citing a defective timing and implementation.
Which judgment was delivered in a suit instituted by three states of the federation, a seven-member panel of the apex court held that the old naira notes, N200, N500 and N1000 remains legal until the 31st of December 2023.
By Safrat Gani
