The Central Bank of Nigeria (CBN) has announced that the old N200, N500 and N1000 notes remain legal tender until December 31, 2023.
ROYAL NEWS reports that this follows the Supreme Court judgement delivered last week affirming that both the new and old currencies should remain in circulation till the end of this year.
CBN spokesperson, Isa Abdulmumin, announced the development in a statement on Monday evening.
“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 the Central Bank of Nigeria (CBN), as a regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3, 2023,” the statement reads.
“Accordingly, the CBN met with the Bankers’ Committee and has directed that the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023
