The Central Bank of Nigeria (CBN) on Monday, said it would comply with the Supreme Court ruling insisting that the old N200, N500 and N1000 notes remain legal tender until December 31, 2023.
In a statement signed by CBN spokesperson, Isa Abdulmumin, the bank said:
“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.”
Two weeks ago, the supreme court invalidated the naira redesign policy introduced by the CBN, citing a defective timing and implementation.
Delivering judgment in a suit instituted by three states of the federation, a seven-member panel of the apex court held that the old N200, N500 and N1000 notes remain legal tender until the end of the year.