Old N200, N500, and N1,000 banknotes remain Legal Tender – CBN

The Central Bank of Nigeria (CBN), has directed commercial banks and other financial institutions in the country to continue acceptance and payment of the old N200, N500, and N1,000 notes till December 31, 2023, in line with a recent Supreme Court ruling.

In a statement signed by CBN’s Acting Director, Corporate Communications, Dr. Isa Abdulmumin, the central bank disclosed that it had met with the Bankers’ Committee and directed that the old banknotes remained legal tender alongside the redesigned notes.

The directive comes following an apparent reaction to public unease over the federal government’s  delayed response to the March 3 Supreme Court ruling on the currency redesign.

The presidency had said yesterday  that the CBN did not need a further directive from President Muhammadu Buhari to comply with the Apex Court’s order.

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