Finally, CBN direct banks to receive and dispense old N200, N500, and N1,000 notes
The Central Bank of Nigeria has broken its silence on the status of the old N500 and N1000 bank notes, which it had hitherto tried to phase out with a deadline of January 31 and later, February 10.
But 10 days after the Supreme Court verdict on the old naira notes, the Central Bank of Nigeria (CBN) has finally directed commercial banks to dispense and receive the banknotes as legal tender across the country.
Following days of silence after the court ruling, The CBN Acting Director of Corporate Communications and spokesperson Isa Abdulmumin has announced that the old N200, N500 and N1000 notes remain legal tender until December 31, 2023.
He announced the development in a statement on Monday where he said 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, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3.
Abdulmumin stressed that the CBN has 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 move was earlier met with a lawsuit by several Nigerian states, with the Supreme Court ruling that they remain legal tender until December 31, 2023.