CBN ‘Sorosoke’, Says Old N200, N500 & N1,000 Banknotes Remain Legal Tender Alongside New Naira Notes Till…

VOICE AIR MEDIA News Update

THE Central Bank of Nigeria (CBN) says the old N200, N500 and N1,000 banknotes remain legal tender till December 31, 2023.

The CBN’s Acting Director of Corporate Communications, Isa AbdulMumin disclosed this in a statement on Monday evening, March 13, 2023.

This is coming after the Supreme Court on March 3 ruled that old naira notes should co-exist with new ones till the end of the year.

“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.”

It would be recalled that the Supreme Court had in March ordered that old N200, N500 and N1000 notes remain valid till December 31, 2023.

Meanwhile, the Presidency had earlier on Monday evening responded to concerns that President Muhammadu Buhari had not reacted to the supreme court order saying the President never told the CBN and the AGF not to obey the order of the apex court.

The CBN had extended the deadline for the swap of old N200, N500, and N1,000 from January 31 to February 10 however the Supreme Court, after a suit filed by the states, held that the Federal Government, the CBN, commercial banks must not continue with the February 10 deadline pending the determination of a notice in respect of the issue.