Old N500, N1,000 notes legal until Dec 31 – CBN finally obeys Supreme Court ruling

The Central Bank of Nigeria (CBN) has now directed that old N200, N500, N1,000 notes will remain legal tender until December 31, 2023.

CBN’s Acting Director of Corporate Communications, Isa AbdulMumin made this known in a statement on Monday.

“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.

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

The highest court of the land had on March 3 ordered that old N200, N500 and N1000 notes remain valid till December 31, 2023. This was after 16 states of the Federation instituted a suit to challenge the legality or otherwise of the introduction of the policy.