CBN Finally Bows to Pressure, Direct Banks to accept, issue old N200, N500, N1,000 notes

Editor March 13, 2023 in General Tagged CBN, Naira redesign policy, President Muhammadu Buhari - 1 Minute

The Central Bank of Nigeria (CBN) has finally broken its silence saying the old N200, N500, and N1,000 banknotes remain legal tender till December 31, 2023.

The apex bank’s Acting Director of Corporate Communications, Isa AbdulMumin disclosed this in a statement on Monday.

This is coming 10 days after the Supreme Court ruled that old naira notes should co-exist with new ones till the end of the year.

According to the statement, “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.

The highest court of the land had on March 3 ordered that old N200, N500, and N1000 notes remain valid till December 31, 2023.

Editor

Ibrahim Sheriff is the Editor of Fresh Insight and former Special Assistant on Media to the Speaker, Kwara state House of Assembly. Although a management science researcher by training, he has over five years experience of practice in Journalism, Public Relations and Communication Strategy. Sheriff holds a Masters Degree in Finance and Bachelors Degree in Banking and Finance from Kwara state University, Malete. He has Certificates in Digital Journalism, Enterprise Creation and Skill Acquisition (ECSA) and Basic Econometrics Data Analysis, as well as Bank of Industry (BoI) Certificate in Business Management. He is also a holder of Diploma in Cooperative Studies from Kwara state Polytechnic, Ilorin.

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