Following the back and forth of the usage of the old Naira notes, the Central Bank of Nigeria (CBN), has announced that old N200, N500, and N1,000 will now circulate with the new ones till December 31st, 2023, following a Supreme Court justice.
CBN spokesperson, Isa Abdulmumin, who announced the development in a statement on Monday, stressed that the apex bank has ordered commercial banks to dispense and accept the deposit of old Naira notes.
“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.” the statement reads
