Jubilation In Nigeria As CBN Declares Old Naira Notes As Legal Tender

The Central Bank Of Nigeria (CBN) has on Monday, March 13th said old N200, N500, N1,000 bank notes remain legal tender till December 31, 2023.

The apex bank’s acting director of corporate communications, Isa Abdulmumin disclosed this in a statement on Monday.

This is coming 10 days after the Supreme Court ruled that old Naira Notes should co-exist with new notes till the end of the year.

“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 operation of the central bank of Nigeria (CBN), as a regulator, deposits money banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3, 2023.

Accordingly, the CBN met with bankers’ committee and has directed that the old Notes remain Legal Tender alongside the new notes till December 31, 2023.”