CBN directs’ banks to receive, dispense old N500, N1,000 in compliance of court judgement 

Stanley Ihedigbo

Central Bank of Nigeria (CBN), has directed deposit money banks in the country to comply with the judgement of the Supreme Court extending the validity of the old N200, N500 and N1000 banknotes.

According to the apex bank, following the judgement of the apex court and with respect to the rule of law, the old naira notes remain legal tender.

A statement of the apex bank signed by its Director, Corporate Communication, Isa AbdulMumin, 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 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.”