The Central Bank of Nigeria says the old N200, N500 and N1000 banknotes remain legal tender and should run alongside the new redesigned banknotes.
The CBN in a statement signed by Isa Abdulmumin, Ag. Director, Corporate Communications, the new development is in tandem with the recent Supreme court judgement, ordering that the old banknotes run side-by-side the new redesigned banknotes.
It reads: “In compliance with the established tradition of obedience to court orders and the sustenance of the Rule of Law Principle that characterised 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”.
The apex bank in the statement also revealed that it has met with the Banker’s Committee. And as such has directed that the old N200, N500 and N1000 banknotes should continue to exist alongside the redesigned banknotes till December 31, 2023.
“Consequently, all concerned are directed to conform accordingly”, the statement concluded.
