Central Bank of Nigeria (CBN) has said old N200, N500, N1,000 banknotes remain legal tender till December 31, 2023.
The apex bank’s Acting Director of Corporate Communications, Isa AbdulMumin disclosed this in a statement on Monday.
The CBN also said Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3, 2023.
Nigerian Pilot reportd that the announcement by the apex bank 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.
The statement reads in part, “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.
The highest court of the land 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.