Old naira notes legal tender until Dec 31- CBN

The Central Bank of Nigeria (CBN) has announced that the old N200, N500, N1,000 bank notes remain legal tender till December 31, 2023.

Isa Abdulmumin, CBN’s acting director of Corporate Communications, stated this in a statement on Monday.

“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,” Abdulmumin said in the statement.

“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 Supreme Court on March 3 ordered that old N200, N500 and N1000 notes remain valid till December 31, 2023.

Read also: Old naira: I didn’t order CBN, AGF to disobey Supreme Court – Buhari

The judgment followed a legal challenge filed by 16 states challenging the legality or otherwise of the introduction of the policy.

Led by Kaduna, Kogi and Zamfara, the states had prayed the apex court to void and set aside the policy on the ground that it is inflicting hardships on innocent Nigerians.

The court subsequently ruled that the President’s disobedience of its February 8 order is a sign of dictatorship, adding that Buhari breached the Constitution of the Federation in the way he issued directives for the re-designing of the naira by the CBN.

After the judgement by the Supreme Court, the Presidency, CBN and the AGF kept silent on the matter, confusing bank customers and Nigerians as the ruling of the apex court contradicted the directive of the President on February 16 that old N500 and N1000 notes are banned and old N200 notes remain valid till April 10.

Earlier, the presidency spoke on the issue saying President Muhammadu Buhari never told the CBN and the AGF not to obey the order of the apex court.