Old Naira Notes Remain Legal Tender Till Dec 31 – CBN Breaks Silence » Ngnews247

The Central Bank of Nigeria (CBN) said the old N200, N500 and N1000 notes will remain legal tender until December 31, 2023.

CBN spokesperson Isa Abdulmumin announced the development in a statement late Monday.

“In accordance with the established tradition of adhering to court orders and maintaining the principles of the rule of law that have characterized the administration of President Muhammadu Buhari and, by extension, the operation of the Central Bank of Nigeria (CBN) as the supervisory authority, deposits are operated in Nigeria The Monetary Bank has been directed to comply with the Supreme Court ruling of March 3, 2023,” the statement read.

“Therefore, the CBN met with the Council of Bankers and directed the old N200, N500 and N1000 notes to remain legal tender until December 31, 2023, along with the redesigned notes.

“Therefore, all concerned are directed to comply accordingly.”

Two weeks ago, the Supreme Court invalidated the naira redesign policy introduced by the CBN, citing flawed timing and implementation.

In a lawsuit brought by three federal states, a seven-member Supreme Court panel has ruled that the old N200, N500 and N1000 notes will remain legal tender until the end of the year.

However, neither the CBN Governor nor the Federal Attorney-General have issued any official statement on compliance with the Supreme Court decision for more than a week after the verdict was delivered.

Uncertainty about the true state of things has prompted traders and businesses across the country to continue to reject the old currency.

The apex bank’s statement came hours after the president said there was no reason for CBN to use waiting for instructions from President Muhammadu Buhari as an excuse not to comply with the court order.