Finally, CBN announces N200, N500, N1000 old naira notes remain legal tender
The Central Bank of Nigeria (CBN) on Monday announced that old N200, N500 and N1000 notes remain legal tender until December 31, 2023.
This is coming almost two weeks after a Supreme Court ruling invalidated the apex bank’s naira redesign policy.
It cited 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.
The new development was communicated by Isa Abdulmumin, CBN’s spokesperson, in a statement on Monday evening.
It 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,” 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.”