BREAKING: CBN orders commercial banks to receive, dispense old naira notes

CBN Breaks Silence, Says Old N200, N500, N1,000 Notes Remain Legal Tender Till Dec 31

The Central Bank of Nigeria (CBN) on Monday said old N200, N500, N1,000 bank notes remain legal tender Till December 31, 2023 direct commercial banks to issue and receive the notes.

The apex bank’s Acting Director of Corporate Communications, Isa AbdulMumin stated this in a statement on Monday.

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.

“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.”