Deposit Money Banks operating in Nigeria have been directed by the Central Bank of Nigeria to comply with the Supreme Court ruling of March 3, 2023, which ruled that old naira notes remain legal tender till December.
The CBN said the directive was in compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterised the government of President Muhammadu Buhari, and the apex bank.
This was contained in a statement signed by the Director, Corporate Communications, Isa Abdulmumin.
Accordingly, the CBN met with the Bankers’ Committee and directed that the old N200, N500 and 1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023.
Consequently, all concerned are directed to conform accordingly.