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BREAKING: CBN Bows To Court Order, Declares Old N200, N500, N1000 Notes Legal Tender Till Dec 31
The Central Bank of Nigeria has on Monday March 13 declared that old N200, N500 and N1000 notes remains…
The Central Bank of Nigeria has on Monday March 13 declared that old N200, N500 and N1000 notes remains valid legal tender till December 31, 2023.
Versenews Nigeria reports that this was disclosed in a statement on Monday by the Acting Director of Corporate Communications, Isa Abdulmumin.
This Online News Media understands that the declaration in accordance with the Supreme Court order to recirculate the old currencies and accept them as legal means of exchange in the country.
The statement however, directs the general public to comply with the supreme Court ruling on the subject matter.
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The statement reads; “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.”
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