The Central Bank of Nigeria has directed old N200, N500, and N1,000 banknotes remain legal tender in line with the Supreme Court Judgement.
According to the press release by the Apex Bank on Monday 13th of March 2023 through the Ag. Director Corporate Communications, Isa Abdulmumin:
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 judgement 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.
This directive will serve as a relief to all Nigerians who have endured the hardship that the new Naira design policy has caused.
Many political analysts and Elders of the State had condemned the disregard of the rule of Law and disrespect of the Supreme Court Judgement by the Executive Arm of Government.
