Naira Notes: CBN Approves Old N200, N500, N1,000 Notes as Legal Tender Till Dec 31
The Central Bank of Nigeria (CBN) on Monday said old N200, N500, N1,000 bank notes remain legal tender Till December 31, 2023.
In a statement signed by CBN Acting Director of Corporate Communications, Isa AbdulMumin on Monday, the Federal Government has directed all deposit money banks to comply with the Supreme Court ruling in earnest.
The statement reads:
“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.”
Previously, the Supreme Court on March 3 had ordered that the 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 expected the apex court to nullify the policy on the ground that it is subjecting Nigerians to untold hardships.
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