Old N200, N500, and N1,000 notes are still valid until December 31, 2023, according to a statement from the Central Bank of Nigeria (CBN) on Monday.
This was stated in a statement released on Monday by Isa AbdulMumin, the acting director of corporate communications for the apex bank.
“Deppsit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling from March 3, 2023. This is in keeping 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.
In light of this, the CBN met with the Bankers’ Committee and decided that the old N200, N500, and N1000 banknotes should continue to be accepted alongside the redesigned banknotes through December 31, 2023.
“Therefore, it is directed that everyone concerned conform accordingly.”
Old N200, N500, and N1000 notes are still valid through December 31, 2023, according to a ruling by the nation’s highest court on March 3. This came about after a lawsuit was filed by 16 Federation states challenging the legality or otherwise of the policy’s introduction.