THE Central Bank of Nigeria (CBN), under the authority of Governor Godwin Emefiele, on Monday, March 13, 2023, directed commercial banks to dispense and receive the old #200, #500, #1000 bank notes, adding that these notes remain legal tender until December 31, 2023, as directed by the Supreme Court.
The CBN made this known in a statement by its acting spokesperson, Isa AbdulMumin.
The bank’s directive comes after the Supreme Court ruled that the CBN must extend the use of the old banknotes until December 31 due to the negative impact of the policy on Nigerian businesses and households.
“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 #200, #500, and #1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023,” the statement said.
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