By Rahaman Yusuf
The Central Bank of Nigeria has directed that old naira notes of N200, N500 and N1,000 should be accepted by every Nigerian as the country’s legal tender.
The apex bank in a statement signed by its Acting Director, Corporate Communications, Isa AbdulMumin, and obtained from the bank’s verified facebook page said “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 CBN position on the old naira notes is coming few hours after President Muhammadu Buhari distanced himself from the apex bank’s disobedience of the Supreme Court judgement delivered on the redesigned banknotes over a week ago.
