CBN bow to pressure orders old notes to remain legal tender

The Central Bank of Nigeria (CBN) has directed that the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023. 

CBN further directed banks to dispense and receive old naira notes in compliance with the Supreme Court judgement of March 3, 2023. 

In a statement by the acting Director, CBN Corporate Communications, Isa AbdulMumin, on Monday, the directive was given at a Bankers’ Committee meeting held on Sunday.

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CBN bowed to the pressure a few hours after President Muhammadu Buhari debunked instructing the CBN governor, Godwin Emefiele, and the Attorney-General of the Federation, Abubakar Malami, to disobey any court orders involving the government and other parties.

CBN in a statement titled, “Old N200, N500, and N1,000 banknotes Remain Legal Tender – CBN’, said the directive was in compliance with Buhari’s administration obedience to court orders.

The statement read, “In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterised the government of President Muhammad 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 ruling of March 3, 2023.

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“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.”