CBN Directs Banks To Transact With Old Naira Notes Till December 31, 2023.

The Central Bank of Nigeria (CBN) has finally directed commercial banks to transact with the old Naira notes as legal tenders till December 31, 2023 in compliance to the Supreme Court’s ruling of March 3, 2023.

OPTIMUM TIMES Recalls that based on litigations by some governors against the redesigned Naira notes and Old naira swap, the Supreme Court ruled that the new Naira Notes and the Old notes of N200, N500 and N1000 should co-exist as nation’s legal tenders till December 31, 2023.

The CBN explained on Monday that it has met with the Bankers’ Committee and has directed that the old 200, 500 and 1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023.

A statement by the CBN Acting Director, Corporate Communications, Dr. Isa AbdulMumin, further urged all
to conform accordingly.

The full text of the statement reads below:

www.cbn.gov.ng Central Bank of Nigeria

Press Release

Old N200, N500, and 1,000 banknotes Remain Legal Tender -CBN

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 200, 500 and 1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023,

Consequently, all concerned are directed to conform accordingly.

Isa Abdul Mumin Ag. Director, Corporate Communications

March 13, 2023