The Central Bank of Nigeria (CBN) said old N500 and N1000 naira notes remain legal tender till December 31st, 2023.
The CBN Acting Director of Corporate Communications, Isa AbdulMumin revealed in a statement on Monday.
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Recall that the supreme court had earlier ruled that the old notes remain legal tender until December 31st.
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.
“Consequently, all concerned are directed to conform accordingly”.
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After the March 3rd supreme court ruling, the presidency and the CBN governor kept mum, throwing Nigerians into confusion with the president earlier disobeying the previous ruling of the apex court maintaining the receipt of old notes till its final judgement.
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