Ajirioghene Imah
The Central Bank of Nigeria, (CBN) has directed all banks to obey the Supreme Court order on the old N200, N500 and N1000 notes.
This development comes exactly 10 days after the Supreme Court judgement mandated the use of old N,1000 and N500 notes as legal tender till December 31, 2023.
The apex bank disclosed the new development through its Acting Director, Corporate Communications, Isa AbdulMumin, in a statement titled, ‘Old N200, N500, and N1,000 banknotes remain legal tender – CBN’.
The statement read, “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 Major General Muhammadu Buhari (retd.), and by extension, the operations of the Central Bank of Nigeria, 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 N1,000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023. Consequently, all concerned are directed to conform accordingly.”