…Says Old N200, N500, and N1,000 banknotes Remain Legal Tender
The Central Bank of Nigeria CBN on Monday directed Deposit Money Banks (DMBs) to comply with the order of the Supreme Court which extended the use of old N200, N500, and N1,000 banknotes as legal tender until December 31, 2023.
The directives was contained in a statement signed by Isa AbdulMumin, Acting Director, Corporate Communications of the CBN, and made available to newsmen Monday night.
AbdulMumin stated that the directives 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 CBN, as a regulator.
He also disclosed that the management of 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, urging all concerned to conform accordingly.
“CBN 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 reads in parts.
