The Central Bank of Nigeria (CBN) says the old N200, N500 and N1000 notes remain legal tender until December 31, 2023.
Isa Abdulmumin, the CBN spokesperson, announced the development in a statement on Monday evening.
This development is coming days after the Supreme Court ruled that old naira notes should co-exist with new ones till the end of the year.
“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,” the statement reads.
“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.”
Two weeks ago, the supreme court invalidated the naira redesign policy introduced by the CBN, citing defective timing and implementation.
Delivering judgment in a suit instituted by three states of the federation, a seven-member panel of the apex court held that the old N200, N500 and N1000 notes remain legal tender until the end of the year.
However, over one week after the verdict, neither the CBN governor nor the attorney-general of the federation made any official statement about compliance with the apex court ruling.
The uncertainty about the true status of things prompted traders and businesses across the country to continue rejecting the old currency.
Comments are closed.