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CBN Bows To Pressure, Says Old Naira Notes Remain Legal Tender Till Dec. 31

The Central Bank of Nigeria (CBN) has declared that the old N200, N500 and N1,000 banknotes remain legal tender, to be circulated along with the new ones till December 31, 2023.

The Acting Director of Corporate Communications, Dr. lsa Abdulmumin made this known in a statement on Monday, saying that the decision was reached at a meeting of the Bankers Committee, which was held on Sunday.

“In compliance with established tradition of obedience to court orders the CBN as a regulator and Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3.

“Accordingly, the CBN met with the Bankers Committee and has directed that the old N200, N500 and N1,000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023.

“Consequently, all concerned are directed to conform accordingly,” the statement reads.

The Supreme Court had two weeks ago, delivered a judgment in a suit instituted by Kaduna, Kogi and Zamfara states, that the old N200, N500 and N1,000 notes remained legal tender until the end of the year.

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