Old N200, N500, N1,000 banknotes remain legal tender, CBN directs banks

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*Central Bank of Nigeria, CBN, corporate headquarters, Abuja


(Nigeria) The Central Bank of Nigeria, CBN, has ordered banks in the country to comply with the judgment of the Supreme Court, ordering old N200, N500, and N1,000 banknotes to remain legal tender till December 31, 2023.

CBN’s Ag. Director, Corporate Communications, Isa AbdulMumin in a statement on Monday, said: “In compliance with the established tradition of obedience to court orders and sustenance of the rule of law principle that characterised 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.

“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.”

Recall that earlier Monday, President Muhammadu Buhari had absolved himself of any blame in complying with the March 3, 2023, judgment of the Supreme Court, which invalidated the CBN’s policy invalidating the old N1000 and N500 notes.

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