The Central Bank of Nigeria (CBN) on Monday evening said old N500, and N1,000 banknotes remain legal tender till December 31, 2023 following a Supreme Court ruling.
Acting director of corporate communications, Isa AbdulMumin communicated the apex bank‘s decision in a statement following widespread controversy.
“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 CBN statement read.
“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.”
Supreme Court on March 3 ordered that old N200, N500, and N1000 notes remain valid till December 31, 2023.
The ruling of the apex bank was delivered after 16 states of the Federation instituted a suit to challenge the legality or otherwise of the introduction of the policy.
