BREAKING: Old N200, N500, N1,000 Notes Remain Legal Tender Till Dec 31 – CBN
Old N200, N500, and N1,000 notes are still valid until December 31, 2023, according to the Central Bank of Nigeria (CBN).
Isa AbdulMumin, the acting director of corporate communications for the apex bank, made this disclosure in a statement on Monday. Ten days prior, the Supreme Court had ordered that old and new naira notes should coexist until the end of the year.
“Destination Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling from March 3, 2023. This is in keeping 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.
During a meeting with the Bankers’ Committee, the CBN decided that the old N200, N500, and N1000 banknotes will continue to be accepted alongside the newly designed banknotes through December 31, 2023.
In light of this, all parties involved were enjoined to comply, according to the statement.
Old N200, N500, and N1000 notes will be legal tender through December 31, 2023, according to a ruling by the nation’s highest court on March 3.
This came about after a lawsuit was filed by 16 Federation states challenging the legality or otherwise of the policy’s introduction.
The 16 states, led by Kaduna, Kogi, and Zamfara, had asked the supreme court to nullify and set down the policy because it was putting innocent Nigerians through hardship.
