Central Bank of Nigeria (CBN) declared on Monday that the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till Dec. 31, 2023.
It said in a statement issued by its Acting Director, Corporate Communications, Dr. lsa AbdulMumin that the decision was reached at a meeting of the Bankers Committee.
“In compliance with established tradition of obedience to court orders the CBN as a regulator and Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3.
“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 Dec. 31, 2023.
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“Consequently, all concerned are directed to conform accordingly.”
Two weeks ago, the supreme court invalidated the naira redesign policy introduced by the CBN, citing a defective timing and implementation.
Delivering judgment in a suit instituted by three states of the federation, a seven-member panel of the apex court held that the old N200, N500 and N1000 notes remain legal tender until the end of the year.
(NAN)
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