Economy Watch

CBN Bows to Pressure, Directs Banks to Comply with Supreme Court Order on Usage of Old N200, N500, N1,000 Notes Till Dec 31

The Central Bank of Nigeria (CBN) on Monday said old N200, N500 and N1,000 notes remain legal tender till December 31, 2023.

Its acting director of corporate communications, Isa Abdulmumin disclosed this in a statement on Monday.

Mr. Abdulmumin said commercial banks have been directed to dispense and accept the deposit of old the naira notes

“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.

“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,” the statement read.

It came hours after President Muhammadu Buhari said the CBN governor Godwin Emefiele and attorney-general of the federation Abubakar Malami do not need to wait for directives from him to comply with the Supreme Court ruling that the old naira notes should co-exist with new ones till the end of the year.


Comment here