The Central Bank of Nigeria (CBN) says the old N200, N500, and N1,000 notes remain legal tender until December 31, 2023.
This is in line with a Supreme Court ruling delivered on 3 March, according to a statement released on Monday by the CBN spokesperson, Isa Abdulmumin.
“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 ruling of March 3, 2023,” the statement read.
“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.”
It was the first time the apex bank was publicly acknowledging the ruling of Nigeria’s apex court.
Delivering judgment in a suit filed by Kaduna, Zamfara, and Kogi States, a seven-member panel of the Supreme Court held that the old N200, N500, and N1000 notes should be in use until the end of the year.
The ruling did not stop businesses and banks from rejecting the notes as the Central Bank was yet to make a public statement on the issue.