The Central Bank of Nigeria (CBN) has finally reacted to the Supreme Court verdict on validity of old N200, N500 and N1000 banknotes, saying the higher denominations remain legal tender until December 31, 2023.
CBN’s acting director of Communication, Isa Abdulmumin, disclosed the development in a statement on Monday night.
“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,” he stated.
The CBN’s official stance comes hours after President Muhammadu Buhari earlier on Monday absolved himself from the apparent disobedience to the order of the Supreme Court on old Naira notes by the apex Bank.
