By Seyi Babalola
Central Bank of Nigeria (CBN) has directed commercial banks across the country to disburse old N200, N500, and N1000 notes and treat same legal tenders in compliance with the March 3, 2023 ruling of Supreme Court.
The CBN disclosed this Monday night in a statement by its acting spokesman, Isa AbdulMumin.
Full text of the statement
Old N200, N500, and N1,000 banknotes Remain Legal Tender – CBN
“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 judgement 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.”