CBN Finally Directs Banks to Comply With Supreme Court Ruling on Old Naira Notes

The Central Bank of Nigeria (CBN) says old N200, N500, and N1,000 banknotes remain legal tender until December 31, 2023 as ruled by the supreme court of Nigeria.

Consequently, the apex bank has directed all deposit money banks in the country to comply with the court ruling.

A statement on Monday signed by Ag. Director, Corporate Communication CBN, Isa AbdulMumin, said the Bankers’ Committee has agreed that the old notes will be legal tender alongside the redesigned banknotes in line with the court ruling.

The statement read in part, “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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