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CBN obeys court order, says old Naira notes remain legal tender

Old Naira Notes

The Central Bank of Nigeria (CBN) on Monday said old N200, N500, and N1,000 banknotes remain legal tender till December 31, 2023.

The apex bank in a statement issued on Monday night by Acting Director of Corporate Communications, Isa AbdulMumin, directed deposit money banks in the country to comply with the judgement of the Supreme Court extending the validity of the old notes

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The decision, the CBN said is in respect for the rule of law.

The statement read: “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.

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

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