The Central Bank of Nigeria (CBN) says the old N200, N500, and N1,000 banknotes remain legal tender.
The apex bank made this known amid pressure from Nigerians following the Supreme Court verdict on the naira redesgn policy.
In a statement by its Ag. Director, Corporate Communications, Isa AbdulMumin, on Monday, March 13, the CBN directed all concerned parties to conform accordingly.
“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 judgement of March 3, 2023.
“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. Consequently, all concerned are directed to conform accordingly, the statement read.
Ikeja Bird recalls that on March 3, 2023, the Supreme court faulted the naira redesign policy, which brought hardship to Nigerians as businesses suffered patronage.
The apex court also ruled that President Muhammadu Buhari erred in his national broadcast when he directed that only the old 200 naira old notes should be returned to the public as legal tender.
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