The Central Bank of Nigeria (CBN) directed that the old N200, N500, and N1000 notes would be accepted as payment until December 31, 2023.
Isa Abdulmumin, the CBN’s spokesperson, highlighted that the apex bank has instructed commercial banks to dispense and accept the deposit of old Naira notes in a statement.
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,” the statement reads.
During a meeting with the Bankers’ Committee, the CBN decided that the old N200, N500, and N1000 banknotes will continue to be accepted alongside the newly designed banknotes through December 31, 2023.
As a result, everyone involved was commanded to do so.
More details soon.