The Central Bank of Nigeria (CBN) has complied with the Supreme Court ruling regarding the validity of old N200, N500, and N1000 notes, which will now be accepted until December 31, 2023. The CBN released a statement on Monday, conveyed by spokesperson Isa Abdulmumin, stating that the apex bank had directed deposit money banks operating in Nigeria to follow the court order.
This move demonstrates the CBN’s adherence to the rule of law, a tradition upheld by the government of President Muhammadu Buhari. As a result of this directive, the old banknotes will remain legal tender alongside the redesigned banknotes until the end of 2023.
Due to the scarcity of the new banknotes resulting from the CBN’s Naira redesign policy, electronic transfer of funds has become the primary means of conducting business for port operations and haulage services across Nigeria.
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