Naira Policy: Old banknotes remain legal tender till December 31 -CBN

*The Central Bank of Nigeria has affirmed the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned Naira notes till December 31, 2023, in line with the recent Supreme Court’s order on the national currency 

Isola Moses | ConsumerConnect

It is official. The Central Bank of Nigeria (CBN), as a banking sector regulator,  says it has directed the Deposit Money Banks (DMBs) operating in the West African country to comply with the Supreme Court judgement of March 3, 2023.

Dr. Isa AbdulMumin, Acting Director of Corporate Communications Department at CBN, in a terse statement signed and issued Monday, March 13, 2023, said this development is “in compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterised the government of President Muhammadu Buhari, and by extension, the operations” of the CBN.

Mr. Godwin Emefiele, Governor of CBN

The Bank’s Spokesman disclosed the CBN had met with the Bankers’ Committee and had 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 noted.