CBN complies with supreme court on old 500, 1000 naira notes as legal tender

The Central Bank of Nigeria (CBN) has announced that the old 200, 500 and 1000 naira notes will now remain as legal tender until December 31, 2023.

CBN spokesperson Isa Abdulmumin made the disclosure in a statement on Monday.

“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,” Abdulmunin said.

“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.”