Finally, CBN makes pronouncement on old naira notes

After days of anticipation by Nigerians for pronouncement from the Central Bank of Nigeria on the Supreme Court ruling on the validity of the old naira notes, the apex bank has obeyed the order of the court.

In a statement released on Monday by its spokesperson, Isa Abdulmumin, the CBN said the old N200, N500 and N1000 notes remain legal tender until December 31, 2023 in line with the Supreme Court ruling.

The announcement was part of the outcome of the meeting between the CBN and the Bankers’ Committee.

“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,” the statement reads.

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“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.”