CBN - Old N500, N1000 notes remain legal tender
The old N200, N500, and N1000 notes are still valid for use until December31, 2023, according to information released by the Central Bank of Nigeria (CBN) on Monday.
In a statement announcing the development, CBN spokesperson Isa Abdulmumin emphasized that the apex bank has directed commercial banks to dispense and accept the deposit of obsolete Naira notes.
The statement reads: "Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3, 2023," the statement reads. "This is in accordance 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.
In light of this, the CBN convened with the Bankers' Committee and decided that the existing N200, N500, and N1000 banknotes should continue to be accepted alongside the new banknotes through December 31, 2023.