- Says old N200, N500, N1,000 notes remain legal tender
FOLLOWING a statement by the Presidency, saying President Muhammadu Buhari did not authorise the Central Bank of Nigeria and the Attorney-General of the Federation, Abubakar Malami, to disobey the Supreme Court judgement on naira redesign, the apex bank has finally broken its silence, and declared that the old N200, N500 and N1,000 notes remain legal tender in Nigeria.
In a statement on Monday evening, signed by its Acting Director, Corporate Communications, Isa AbdulMumin, the apex bank said this was in compliance with the established tradition of obedience to court orders and sustenance of the rule of law principle characterising the administration of President Buhari and by extension, the CBN’s operations.
The statement reads in part, “In compliance with the established tradition of obedience to court orders and sustenance of the rule of law that characterised the government of President Muhammadu Buhari, 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 judgement 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 comform accordingly,” it added.