Finally, CBN Obeys Court Order, Declares Old #200, #500, And #1000 Notes As Legal Tender

The Central Bank of Nigeria (CBN) has decided to obey the court order that stopped them from banning the old #200, #500 and #1000 notes as legal tenders.

The apex body of banks in Nigeria made this known to the public on Monday 13th March, 2023 in a statement signed by Isa AbdulMumin, Ag. Director, Corporate Communications.

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The press statement reads, “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 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.”

This means that the old #200, #500 #1,000 notes remain legal tenders in Nigeria till December 31st, 2023.

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