The Central Bank of Nigeria has instructed banks to continue issuing the old Naira notes because they are still legal cash till December 31, 2023.
In a statement released on Monday, Isa Abdul Mumin, the acting director of corporate communications for CBN, said that the former denominations of N200, N500, and N1,000 should continue to be used.
Ten days prior, the Supreme Court had declared that the old N200, N500, and N1,000 notes would continue to be valid alongside the new ones till the end of 2023.
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,” the statement read.
It would be replaced that the highest court of the land had on March 3 ordered that old N200, N500, and N1000 notes remain valid till December 31, 2023.”
