CBN complies with Supreme Court ruling on old Naira notes

The Central Bank of Nigeria (CBN) has complied with the ruling of the Supreme Court of Nigeria on the use of old Naira notes in the country.

TheNewsGuru.com (TNG) reports the CBN to have confirmed old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes until December 31, 2023.

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In a statement by Isa Abdul Mumin, CBN’s Acting Director of Corporate Communications, the compliance follows a meeting of the apex bank with the Bankers’ Committee.

According to the statement, commercial banks operating in the country have been directed to comply with the Supreme Court ruling of March 3, 2023.

The 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 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 until December 31, 2023.

“Consequently, all concerned are directed to conform accordingly”.

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