Old N500, N1,000 notes legal until Dec 31 – CBN finally obeys Supreme Court ruling

As of right now, the old N200, N500, and N1,000 notes will be accepted as legal tender until December 31, 2023, according to the Central Bank of Nigeria (CBN). 

Isa AbdulMumin, the CBN's acting director of corporate communications, said this in a statement on Monday. 

"Destination Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling from March 3, 2023. This is in keeping 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.

During a meeting with the Bankers' Committee, the CBN decided that the old N200, N500, and N1000 banknotes will continue to be accepted alongside the newly designed banknotes through December 31, 2023. 

"Thus, it is directed that everyone concerned conform properly." 

Old N200, N500, and N1000 notes will be legal tender through December 31, 2023, according to a ruling by the nation's highest court on March 3. This came about after a lawsuit was filed by 16 Federation states challenging the legality or otherwise of the policy's introduction.

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