The Central Bank of Nigeria (CBN) has now officially approved and directed commercial banks in the country to accept and give out the old N500 and N1000 notes.
The apex bank confirmed this in a statement issued on Monday night after President Muhammadu Buhari denied directing the apex bank not to honour and obey the Supreme Court judgement.
A statement by the Acting Director, CBN Corporate Communications, Isa AbdulMumin, noted affirmed that the old naira notes remained legal tenders.
According to the statement titled “Old N200, N500, and N1,000 banknotes Remain Legal Tender – CBN” said the directive was in respect of the ruling of the Supreme Court.
“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 fully read.
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