CBN-Bows To Supreme Court…”200,500& 1000 old Notes Remain Legal Tender”

The central bank of Nigeria, CBN has broken it’s silence on the use of all old naira notes, few hours after the presidency said it did not tell the Apex bank to disobey court orders.

A statement by the CBN’s
Ag. Director, Corporate Communications,
Isa AbdulMumin says Old N200, N500, and N1,000 banknotes Remain Legal Tender .
The statement directed all commercial Banks to comply immediately.

“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 judgement of
March 3, 2023″.

Accordingly, the CBN said it 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.

Recall that the Nigeria Labour Congress had on Monday given a 7-day strike notice to the Federal Government over the continued scarcity of Naira.


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