CBN Bows to Pressure: Old Naira Notes Remain Legal Tender For Ten (10) Months

In a press release on the 13th March the Ag. Director Cooperate Communications of the Central Bank Isa AbdulMumin said old ₦200, ₦500, and ₦1000 banknotes remain legal tender.

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 central bank of Nigeria, as a regulatory , deposit money banks operating in Nigeria have been directed to comply with the Supreme Court judgment of March 3rd 2023.

Accordingly, to him the CBN met with Bankers’ committee and has directed that ₦200, ₦500, and ₦1000 banknotes remain legal tender alongside the redesign banknotes till December 31st 2023 and all concerned are directed to conform accordingly.

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