CBN okays old Naira notes as legal tender till Dec. 31

FINDOUT reports that the Central Bank of Nigeria (CBN) declared that the old N200, N500 and N1,000 bank notes remain legal tender, to be circulated along with the new ones till December 31, 2023.

This online platform further reports that the Acting Director of Corporate Communications, Dr. lsa AbdulMumin on Monday, said the decision was reached at a meeting of the Bankers Committee, which held on Sunday 12th March,2023. 

"In compliance with established tradition of obedience to court orders the CBN as a regulator and deposit money banks operating in Nigeria have been directed to comply with the Supreme Court ruling. 

"Accordingly, the CBN met with the Bankers Committee and has directed that the old N200, N500 and N1,000 bank notes remain legal tender alongside the redesigned banknotes till December 31, 2023.

"Consequently, all concerned are directed to conform accordingly," the statement reads.

Recall that the Supreme Court, two weeks ago, delivered a judgment in a suit instituted by Kaduna, Kogi and Zamfara states, that the old N200, N500 and N1,000 notes remained legal tender until the end of the year.

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