Old Naira Notes Remain Legal Tender

Old Naira Notes Remain Legal Tender – CBN Governor

After weeks of hibernation and denial, the Central Bank of Nigeria (CBN) has directed commercial banks and every concerned person(s) in the country to accept old N200, N500 and N1000 notes as legal tender.

In a statement that was issued by its acting director in charge of corporate communications, Dr Isa AbdulMumin, the central bank said the new directive was in compliance with a Supreme Court judgement that had extended the use of the old currency notes till December 31, 2023.

“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 judgement of March 3, 2023,” AbdulMumin said in the statement.

The decision was taken after the CBN met with the Bankers’ Committee and 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 in part.

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